Part 1 – GOVERNANCE

 

SECTION:  Financial Administration

 

POL 1-022

Internal audit

 

Effective date: July 1, 2009

Approval date: May 3, 2009

Last revised: May 3, 2009

Cancelled date:

Reference: Bylaw IV, Sec.5(c),

BD 03/1998, 04/2003

Cross reference:

 

POLICY

 

On an annual basis, the Association will undergo a financial audit and limited testing of its internal controls and processes/procedures. In-depth audit of processes and procedures will be done when appropriate and with the approval of the Board.

 

 

GUIDING PRINCIPLES

 

1.     Internal and financial auditing will examine and evaluate the adequacy and effectiveness of the systems of management control provided by an organization to direct its activities toward the accomplishment of objectives in accordance with approved policies and plans.

 

2.      Internal auditing also examines systems to determine that they are operating in the most effective manner to accomplish their intended goal.

 

3.     The purpose of the audit is to safeguard Association financial, physical and human resources.

 

4.       An independent auditor will monitor the integrity of the financial reporting processes, evaluate the systems of internal controls and validate the integrity of the financial statements.

 

5.        ARMA International and the auditor will retain all records relevant to the audit for a period of seven years after the audit or review of financial statements.

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