Minutes:
The Head of Internal Audit, Anti-Fraud and Assurance provided the Committee with a verbal update regarding Global Internal Audit Standards.
In the ensuing discussion, the following key points were noted:
· All internal audit activity was guided by the Global Institute of Auditors.
· It was noted that the first draft of the new standards had received extensive feedback from various bodies such as CIPFA, and a second draft would now be undertaken following this period of consultation.
· Internal audit would be bound by the new standards once approved globally, which would then be interpreted by CIPFA who would produced revised Public Sector Internal Audit Standards and a Local Government Application Note.
· The Head of Internal Audit, Anti-Fraud and Assurance would continue to update the Committee periodically on the progress of the global IA standards.
RESOLVED that the update be noted.