internal audit charter

A document that sets out the purpose, authority, responsibilities, and scope of work of an *internal audit function (IAF). The charter is often considered to be an audit function’s constitution, and its subject matter typically includes some or all of the following: (i) The IAF’s reporting lines within an organization, (ii) the scope of the IAF’s work, (iii) the IAF’s rights of access to information, (iv) IAF budgetary information, and (v) a formal statement of the IAF’s adherence to professional standards (principally the Professional Practices Framework of the *Institute of Internal Auditors).

Auditor's dictionary. 2014.

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