An existing Internal audit charter is currently under review for revision. Who is responsible for assuring that all required components are included?

Question

Options

• AThe audit committee.
• BThe head of legal and compliance.
• CThe chief audit executive.
• DSenior management.

• A
  6% (4)
• B
  3% (2)
• C
  82% (54)
• D
  9% (6)

Explanation

The Chief Audit Executive (CAE) owns the internal audit charter and is directly responsible for drafting, maintaining, and ensuring it contains all required components - this is explicitly established in the IIA's International Standards for the Professional Practice of Internal Auditing (Standard 1000). The audit committee (A) approves the charter but does not draft or verify its completeness; approval and authorship are distinct responsibilities. Legal and compliance (B) may be consulted, but they have no governance role over the audit charter's content. Senior management (D) may receive the charter for acknowledgment, but ownership and accountability for its completeness rests with the CAE, not management.

Memory tip: Think "who writes it, owns it" - the CAE writes the charter, so the CAE is responsible for its completeness. The audit committee's role is to approve, not assure.

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