The Institute of Internal Auditors – Australia along
with the Australian Institute of Company Directors and the Australia Auditing
and Assurance Standards Board will launch the third edition of Audit
Committees-A Guide to Good Practice.
As part of the update, the internal audit section has now
incorporated a diagram showing functional reporting lines of Chief Audit
Executive to CEO on administrative matters and directly to the audit committee
on operational matters.
Some of the main inclusions
from the previous edition are:
• Reference to the IPPF
• Section on internal audit revised with diagram
showing reporting lines of internal audit, CAEs and CEO’s with Board and audit
committees
• Sections on risk management and internal control, fraud and
corruption, compliance and ethics and organisational culture
• Revised sample
charter includes working with internal audit
• Revised self-assessment guide
with section on internal audit
• Three Lines of Defence Model diagram with
explanation
• Key definitional differences between internal and external
audit