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Link Between Internal Control and Internal Audit

Link Between Internal Control and Internal Audit. By statute: G.S. 143-739(a)(1) – a State agency shall establish a program of internal auditing that implements an effective system of internal control .

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Link Between Internal Control and Internal Audit

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  1. Link Between Internal Control and Internal Audit • By statute: • G.S. 143-739(a)(1) – a State agency shall establish a program of internal auditing that implements an effective system of internal control. • G.S. 143-739(a)(4) – a State agency shall establish a program of internal auditing that periodically audits the agency’s major systems and controls. • By practice: • Monitoring (COSO internal control framework). • Annual State agency evaluations (G.S. 143D-7).

  2. Link Between Internal Control and Internal Audit • Challenges to Council: • Ensuring that internal audit plans allocate sufficient resources for monitoring and annual assessments. • Ensuring that internal auditors are trained and practice the internal control principles and methodologies prescribed by the State Controller.

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