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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
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 reflect a change in audit standards published by the Institute of Internal Auditors. In December 2024, the Board approved a reorganization that changed the organizational reporting structure of Internal Audit. The Charter was updated to reflect that change. The nature of consulting activities was clarified. Details of specific audit practices was removed to better align with the document being a charter and not an operating procedure document. The reporting section was updated to reflect the practice of management providing written responses to reports.
ALTERNATIVES:
The Audit Committee may make requests for further revisions to the Charter.
FISCAL IMPACT:
There is no fiscal impact from the Proposed changes.
ATTACHMENTS:
Internal Audit Charter for the Utah Transit Authority