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Adoption of the Internal Audit Charter
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DESCRIPTION: Office of Internal Audit and Compliance adoption of the Internal Audit Charter
AGENDA NO: Click or tap here to enter text.
ACTION REQUEST:
? Approval ? Review Comment ? Information Only ? Other
RECOMMENDATION:
recommendation
Authorization for the Chief Executive Officer to implement the agency's Internal Audit Charter.
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ISSUE/BACKGROUND:
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The purpose of the Office of Internal Audit and Compliance (OIAC) is to provide independent, objective assurance and consulting services designed to add value and improve the organization's operations.
As the governing body of the RTA, the Board of Commissioners determines agency policy and oversees the funding, operation, and expansion of public transportation in the City of New Orleans and the metro area. This oversight function includes establishing accountability for senior management as they seek to accomplish its mission and objectives.
Operating synergistically with the Board's mission is the Office of Internal Audit and Compliance's mission and purpose to provide assurance to the Board that RTA is operating effectively and efficiently in carrying out its mission. Internal Audit provides this assurance by assessing and reporting on the effectiveness of governance, risk management, and control processes designed to help the organization achieve strategic, operational, financial, and compliance objectives.
As such, the Internal Audit Charter, as a formal document, defines and sets the parameters for how the internal audit will operate and includes the scope, delegated authority, independence, objectivity, and responsibilities of internal audit. The charter also serves as a reference point to measure the effectiveness of the internal audit activity. Additionally, the charter defines the OIAC's functional and reporting relationship with the Board. Acceptance of the charter by the Board provides the support, value, and independence vital...
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