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#617922 - 09/26/06 03:09 PM IA Charter
A_G Offline
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Joined: Jul 2004
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Our Audit Committee currently has a charter and the audit function as a whole has an audit manual. The FRB was just in and they suggest that I have my own charter (I'm the sole auditor). Does anyone have an samples of a charter for me or suggestions of what one might include? Thanks.
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#617923 - 09/26/06 03:45 PM Re: IA Charter
BlueEyedGirl Offline
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somewhere between here and the...
The IIA's website (www.iia.org) has a sample charter. Search for "sample internal audit department charter".

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#617924 - 09/26/06 07:29 PM Re: IA Charter
A_G Offline
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I guess I'm also a little confused between the charter and the manual. Should the manual contain the charter? My best guess is that the manual is more procedural details and the charter is more policy details?!?
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#617925 - 09/27/06 03:29 PM Re: IA Charter
Life of Riley Offline
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OTS examiner explained during our last exam the charter states what you will do, policy states how you're going to do it.
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#617926 - 09/27/06 03:54 PM Re: IA Charter
RR Jen Offline
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We've had this discussion in the thread before.

This is how mine is broken down...it's been through an OTS and now OCC exam.

The Audit Committee has a Charter (it gives authority, responsibility, etc).
There is an Internal Audit Policy (pretty much the same as the AC charter but specifically addresses the Internal Audit function and includes reporting requirements).
I've got my Audit Schedule (I actually call it the Audit Program) that says when I'm doing which audit and it reflects the total hours.
Then I've got my individual audit Programs (Loan Audit, Balance Sheet, Branch Audits, etc.).

Clear as mud?
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#617927 - 09/27/06 03:55 PM Re: IA Charter
RR Jen Offline
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RR Jen
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Quote:

OTS examiner explained during our last exam the charter states what you will do, policy states how you're going to do it.




I've always used the analogy that a policy/charter says what you will do and why where procedures state how your going to do it.
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