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 operates within Public Sector Internal Audit Standards, The Public Sector Internal Audit Standards are mandatory for all:
- central government departments;
- executive non-departmental public body's (NDPBs).
These govern the strategic and operational approaches of internal audit. This governance applies to all internal auditors. This ensures consistency in the professional practice of internal auditing within the UK public sector. It provides a clear framework for conducting assurance and consultancy work.
We are in a strategic partnership agreement with Portsmouth City Council (PCC) . We provide its internal audit and counter fraud service. This partnership gives us 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 Committee has been established to approve and oversee the work completed by Internal Audit, in accordance with the PSIAS. The current approved annual audit plan and audit charter can be found within the March 2023 minutes. Report summaries, outcomes and progress are detailed at subsequent meetings.
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 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.