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Audit director urges adoption of IIA 'red-book' charter to strengthen follow-up
Summary
The audit director recommended the committee adopt a model audit charter based on the Institute of Internal Auditors' Global Internal Auditing Standards (the "red book") to formalize follow-up, consulting limits and the audit committee's role; the committee agreed to seek external-auditor feedback before final adoption.
The audit director asked the committee to adopt a model audit charter aligned with the Institute of Internal Auditors Global Internal Auditing Standards, saying the red-book approach better supports internal-audit follow-up to management and clarifies consultation limits. "My recommendation is that we adopt the Institute of Internal Auditors Global Internal Auditing Standards, a a red book," the director said, noting legal counsel had reviewed the draft for applicability to Buncombe County.
Committee members asked how the red book would interact with Government Auditing Standards (the yellow book) used for external audits; the director said the office will still apply yellow-book requirements where relevant but that the red book governs internal-audit independence and follow-up responsibilities. Members moved and approved the charter on the record with the caveat that the director solicit external-auditor feedback before finalizing implementation.
The director said adopting a model charter will also support a future quality-assurance review required by IIA standards, an exercise the office has not yet completed.
