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Internal Audit Definition and Objectives

Internal Audit is an independent appraisal function established by the management of an organisation and has two clear objectives:

1. To provide independent assurance to both the Audit Committee and Management on the adequacy and effectiveness of the governance, risk management and control arrangements in place to achieve the strategic and business objectives, including:

  • Internal Controls
  • The effectiveness of operations
  • The economical and efficient use of resources
  • Compliance with applicable policies, procedures, laws and regulations, and contracts
  • Safeguards against losses, including those arising from fraud, irregularity or corruption
  • Risk Management
  • The integrity and reliability of information and data.

 

2. To work in partnership with the business to provide challenge, advice and support in improving business processes and controls. To this end, each internal audit assignment aims to contribute to the improvement of governance, risk management and control processes. Internal Audit may also provide consultancy services as part of its routine activities and/or in response to requests by management in order to improve governance, risk management and control.

 

Authority

Internal Audit operates with the direct authority of Kildare County Council and under general supervision and guidance of the Chief Executive. It is empowered and authorised to audit all systems and activities within the Authority managed by the Chief Executive and has unrestricted access to all records, reports, personnel, consultants, I.C.T systems and assets, for audit purposes. Management and staff are required to assist Internal Audit in the fulfilment of its functions and to provide all the information and explanations required by Internal Audit staff for the proper performance of their duties.

 

Audit Committee

The current Audit Committee was established by resolution of the Council dated 22nd September 2014 and consists of seven members, four external members and three serving Councillors. The Audit Committee has an independent role in advising the Council on financial reporting processes, internal control, risk management and audit matters, as part of the systematic review of the control environment and governance procedures of the Council. The Committee provides objective advice plus recommendations on the work of the Internal Audit Unit. The Audit Committee meet five times per year.

 

Checking & Reporting

The primary function of checking is to reconcile monies received with lodgements made to the bank. Internal Audit had traditionally carried out checking in all areas where cash was handled by employees within the Council. However, as this was deemed to be a function of management, this function has reverted to each section. Internal Audit now spot check that local management are following their own checking procedures and that such procedures are highly functioning.