Review Of The Audit And Risk Committee Charter & Review Of The Internal Audit Policy · Attachment 2_Internal Audit Policy_Draft

INTERNAL AUDIT POLICY



                                                                              ATTACHMENT 1

                    INTERNAL AUDIT TERMS OF REFERENCE
1. Introduction
The Internal Audit Terms of Reference is an attachment to the Internal Audit Charter and
supports Noosa Council’s objectives of
“Providing robust governance systems to build and strengthen community trust, supported by
the implementation of an Enterprise Risk and Opportunity Management Framework.”
“Open and transparent practices will continue to strengthen community confidence and trust
with council.”


2. Internal Audit Resourcing
The Internal Audit function will be undertaken by a suitably qualified and experienced internal
auditor who may be appointed as a council employee or be a contracted external service
provider appointed through a competitive procurement process in accordance with Council’s
Procurement Policy. The term of appointment of the internal auditor shall be reviewed by the
Chief Executive Officer at least every two years.
The annual budget provision for the Internal Audit function will be determined in the adoption
of the Noosa Council Annual Budget.
The internal audit function reports to the Chief Executive Officer who is supported by the Office
of the CEO and Mayor in co-ordinating internal audit activities, this includes scheduling internal
audits, managing contractual arrangements, liaising with the Internal Auditor, reviewing
internal audit documentation and management responses, monitoring progress in the
implementation of management actions and reporting internal audit performance to the Audit
and Risk Committee.


3. Scope and Objective of Internal Audit
The internal audit coverage may extend to all areas of the organisation and include financial,
accounting, administrative, information management, computing, and other operational
activities. The work of internal audit is to ensure that relevant internal controls are in place
throughout all of Council’s activities and that risks are effectively managed.
The extent and frequency of internal audits will depend upon varying circumstances such as
the results of previous audits, relative risk associated with activities, materiality, the adequacy
of the system of internal control, emerging risks and available resources.
The objective of Internal Audit is to provide Council with independent advice in relation to:
   a) Reviewing and appraising the adequacy and effectiveness of the system of internal
      controls.
   b) Appraising the relevance, reliability and integrity of management, financial and
      operating data and reports.
   c) Reviewing the systems established to ensure compliance with those policies, plans,
      procedures, statutory requirements, and regulations which could have a significant
      impact on operations.

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