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CalSTRS audit committee approves revised Audit Services Charter to align with new IIA standards
Summary
The CalSTRS Audits & Risk Management Committee approved revisions to the Audit Services Charter to conform with updated Institute of Internal Auditors standards; staff said the changes clarify roles, add technology and data‑analytics responsibilities, and require a strategic plan and performance objectives.
The California State Teachers Retirement System’s Audits & Risk Management Committee on Sept. 25 approved a revised Audit Services Charter that staff said aligns CalSTRS with newly revised Institute of Internal Auditors (IIA) standards.
"This item is to request approval of our audit services charter, the revisions we made to that," said Misty, the Audit Services presenter, explaining the changes during the committee meeting. Staff said the charter was restructured to be clearer and shorter and now includes a concise mission, a purpose statement that clarifies audit services’ value, technology‑based audit responsibilities, and requirements for a strategic plan and performance objectives.
Committee members pressed for clarity about what changed; one member asked for a redline, and staff said the prior charter differed substantially and that the new document was derived from the IIA model charter. Misty said the prior charter had been 11 pages and the revised version was seven pages.
Staff told the committee the IIA revisions triggered the update. "We aligned our charter to the newly released IIA internal audit charter," Misty said. Staff also said they will present the charter’s strategic plan and performance objectives to the committee in November and formally confirm Audit Services’ independence and its quality assurance and improvement program.
Committee members confirmed there were no public comments on the item. The chair opened the matter for a motion; a motion to approve the Audit Services Charter was made, seconded, and the chair announced the motion carried.
Staff told the committee the new IIA standards take effect for audits beginning January 2025; audits started but not closed by that date will follow the prior standards. The committee’s approval codifies the updated scope and reporting expectations between Audit Services and governance.
The committee will review the charter’s strategic plan and performance objectives at its November meeting as part of ongoing oversight.
