Internal audit
What is internal audit?
Internal Audit is a statutory function.
The Institute of Internal Auditors defines internal audit as:
'An independent, objective assurance and consulting activity designed to add value and improve an organisations operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes'.
Internal Audit is delivered in accordance with the Global Internal Audit Standards. The Global Internal Audit Standards set forth principles, requirements, considerations, and examples for the professional practice of internal auditing globally. The Standards apply to any individual or function that provides internal audit services, whether an organization employs internal auditors directly, contracts them through an external service provider, or both.
Strategic partners
We are in a strategic partnership with Portsmouth City Council (PCC) for the delivery of Internal audit services.
This partnership gives the Isle of Wight Council access to a range of specialisms within the PCC team. For example, data analytics and fraud investigation officers who supplement in-house capacity.
Annual Internal Audit Plan, The Audit Charter and reporting results of audit work
An Audit and Governance Committee has been established to approve and oversee the work completed by Internal Audit, in accordance with the Global Internal Audit Standards.
The Chief Internal Auditor based at PCC has direct, unfettered communication links with the Isle of Wight Council Chief Executive and the Chair of the Audit and Governance Committee. This structure supports the independence of Internal Audit to produce evidence based reports which are free from undue influence or manipulation. The completed programme of audit work results in an annual internal audit assurance opinion. This concludes the overall adequacy and effectiveness of the organisation’s framework of governance, risk management and control.
Audit and Governance Committee meeting details
View the Audit and Governance Committee details and access agendas and minutes
- The approved annual audit plan (March Minutes)
- The audit charter (March minutes)
- Summaries and outcomes of audits
- The annual assurance opinion