Issue - meetings
New Global Internal Audit Standards
Meeting: 04/12/2024 - Audit Committee (Item 4)
4 New Global Internal Audit Standards PDF 255 KB
Additional documents:
- Appendix. 1 for New Global Internal Audit Standards, item 4
PDF 510 KB
- Appendix. 2 for New Global Internal Audit Standards, item 4
PDF 3 MB
- Appendix. 3 for New Global Internal Audit Standards, item 4
PDF 16 MB
- Webcast for New Global Internal Audit Standards
Minutes:
Mr David Dobbs, Head of Internal Audit, Fraud and Risk presented the New Global Internal Audit Standards report and said these had been published in January 2024 and would become mandatory for the profession in January 2025.
Mr Dobbs said further guidance would be made available from CIPFA in the format of revised Public Sector Internal Audit Standards. He said it was important for the Audit Committee and Senior Management to become familiar with the new Standards and their implications.
He said the report provided Senior Management and the Audit Committee with an overview of the standards and some materials to assist Members in gaining a better understanding of requirements.
In response to comments and questions from Members the following was noted:
· The Chair, Councillor Mufeedah Bustin asked if Officers would be coming back to the Committee with a detailed action plan regarding the implementation of the standards. Mr Dobbs responded saying he would report back to the committee the compliance journey at a future meeting.
o ACTION: Mr Dobbs to report on the compliance journey in relation to the implementation of the Global Internal Audit Standards.
· Councillor Francis welcomed the new standards and said that given the findings of the BVI inspection it was important to ensure the Audit Committee’s independence.
The Audit Committee RESOLVED to:
1. consider the report, and the related implementation guidance attached in Appendices A to C.