68
ALRAQABA . ISSUE 15
Standard Number
Statement
The Executive Audit Director is responsible for regularly reporting to the Board
and the Senior Management on the purpose, authority, obligations, and internal
audit performance based on the applied plan. The Director also reports on how
internal audit has complied with the professional standards and code of ethics.
This includes reporting significant risks and other issues relevant to control,
such as fraud risks, governance considerations, and other concerns that
require the attention of the Senior Management or the board.
An internal audit must evaluate the governance operations within the institution
and issue relevant recommendations to improve its methods to achieve the
following objectives:
• Making strategic and operational decisions.
• Supervising the control and risk management operations.
• Enhancing desirable ethics and values in the institution.
• Assuring the effectiveness of performance and accountability management
on the overall institutional level.
• Reporting information on the risks and control to the relevant
administrations within the institution.
• Coordinating activities and exchange of information between the board of
directors, external and internal auditors, other assurance service providers,
and the management.
It is important to have adequate indicators to assess governance, risk
management, and internal control oversight. Internal auditors must verify how
adequate the indicators set by the management/ board of directors are to
determine whether the goals and objectives have been met.
If the indicators were sufficient, the internal auditors must use them during their
assessment. However, if it is proven that they are not, then the internal auditors
must find a proper evaluation indicator after consultations with the management
and/or the board of directors.
2060
(Report to the
Senior Management
and Board.)
2110
(Governance)
2210
The objectives of
internal audit
Third objective
(3-T2210)
Audit Vision
