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TO: |
Audit Committee |
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THROUGH: |
Annette Royle, Chief of Board Strategy and Governance |
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FROM: |
Mike Hurst, Director Internal Audit |
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PRESENTER(S): |
Mike Hurst, Director Internal Audit |
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TITLE:
title
2026 Internal Audit Charter Approval
end
AGENDA ITEM TYPE:
Audit - Approval
RECOMMENDATION:
Review and approve the revised Internal Audit Charter as presented.
BACKGROUND:
The Audit Committee Charter (mandated by the Authority’s Bylaws) requires an Internal Audit Charter to be reviewed and approved annually by the Committee. The Internal Audit Charter is a written document that sets the authority, scope, and standards of the Internal Audit function. The Charter is reviewed annually, and changes are presented to the Audit Committee for approval.
DISCUSSION:
The Internal Audit Charter has been updated to document the role the Director Internal Audit has as a member of the Ethics Committee. The Global Internal Audit Standards, published by the Institute of Internal Auditors, prohibits an internal audit function from auditing any area that it has responsibility over. Accordingly, the Charter is updated to document this firewall.
ALTERNATIVES:
The Audit Committee may reject the proposed changes and/or make requests for further revisions to the Charter.
FISCAL IMPACT:
Not applicable
ATTACHMENTS:
2026 Internal Audit Charter Redline