Internal audit charter

Internal audit charter

[Company name] Limited
Approved by the Audit Committee on [Date Audit Committee approved the Charter] · Noted by the Board of Directors on [Date Board noted the Charter]
Version [1.0] · Next review [Next review date]

1. Purpose and mission

1.1 Internal audit is an independent and objective assurance and advisory activity designed to add value to and improve the operations of [Company name] Limited and its subsidiaries ("the Company"). It helps the Company accomplish its objectives by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of risk management, internal control and governance processes.

1.2 Internal audit is the third line of the Company's assurance arrangements. Operating management owns and manages risk (first line); the finance, compliance, quality, safety and risk functions monitor it (second line); internal audit provides independent assurance to the Audit Committee on both (third line).

2. Status, appointment and reporting lines