Internal Audit - Outsourced Model and Internal Audit Charter
Dear Colleagues,
I trust you all had a productive catch-up in February and I'm sorry I wasn't able to make it.
My question today relates to the internal audit function and is directed towards those Universities with an internal audit function outsourced to an internal auditor under a commercial arrangement.
Where internal audit is either fully outsourced (i.e. the contractor undertakes all IA functions) or largely outsourced (i.e. outsourced with internal management), does your University have an Internal Audit Charter (consistent with the requirements of the Institute of Internal Auditors Australia) approved by your Audit and Risk Committee and/or Council/Senate? Alternatively, do you simply rely on an Internal Audit Policy?
Thank you in advance.
Regards
Di
Hi Di, we outsource our IA function at Flinders, with a central Risk and Assurance unit providing management support. We don't have either a policy or a charter. The situation was pretty much identical at University of Adelaide when I was there also. Marc