Independence and Objectivity Within the Internal Audit Department

1274 Words6 Pages
Question 3 Memorandum Date: June 25, 2014 To: Brad Packston, CEO TechNet Inc. From: CAE TechNet Inc. RE: Independence and Objectivity within the Internal Audit Department Thank you for allowing me to take the opportunity to work within your Internal Audit Department. As requested, I have prepared the subsequent memo which includes the policy and procedures implemented by the internal audit department here at TechNet to ensure both independent and objective that is required by the International Standards for the Professional Practice of Internal Auditing (IIA). International Standards for the Professional Practice of Internal Auditing (IIA) Standard 1100, which indicates that ``internal audit activity must be independent, and internal auditors must be objective in performing their work.`` The reference of independence is defined as " the freedom from conditions that threaten the ability of the internal audit activity to carry out internal audit responsibilities in an unbiased manner.” Subsequently, objectivity is defined as " an unbiased mental attitude that allows internal auditors to perform engagements in such a manner that they believe in their work product and that no quality compromises are made.” In order for TechNet's internal audit department to achieve independent and objectivity and to carry out their audit activities in an unbiased manner. They must also have unrestricted access to records and personnel necessary to carry out proper techniques. The audit staff must also be in an environment that allows them to be free from competitive pressures with other divisions or departments competing against one another for completive survival. The internal audit department at TechNet Inc. has ensured that the correct actions are implemented and put in place to ensure that independence and objectivity is not compromised. They are as Follows:

More about Independence and Objectivity Within the Internal Audit Department

Open Document