Internal Audit Independance and Objectivity

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TO: Chief Executive Officer FROM: Antonia Creanga, CAE DATE: Sep 24, 2014 Re: Promotion of the independence and objectivity of the Internal Audit Department at TechNet ________________________________________________________________________ In accordance with our meeting, I have prepared a memo to summarize the rules and procedures that we have in place at Tech Net to mitigate any impairment regarding the independence and objectivity of our internal auditors. Independence is a prerequisite for objectivity, therefore the auditor must be free, and no threats or pressure from the department audited can affect his/her or ability to perform the duties that are assigned during the audit. Internal auditor must cooperate closely with the manager of the department that is audited, but in the same time must maintain independence and objectivity. As defined by the International Standards of Internal Auditing, Independence “is the freedom from conditions that threaten the ability of the internal audit activity to carry out internal audit responsibilities in an unbiased manner”. Objectivity is defined by International Standards of Internal Auditing as “an unbiased mental attitude that allows internal auditors to perform engagements” with no doubts regarding their work quality. International Standards for the Professional Practice of Internal Auditing specifies, that internal audit department must have an internal audit charter which formally defines the purpose, authority and responsibility of the internal audit activity international standards. The internal audit charter has policies that outline the functions and responsibilities of the internal auditor in the organization. The CAE is responsible to elaborate a formal internal audit charter, to present and review at least annually f is not possible quarterly or semi-annually, in front of the board of directors and
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