Although audit
committees represent the Board, do any of your Internal Audit Charters formally
specify certain significant items (such as risks greater than $____ ) that are
required to be reported from the audit committee to the board. Or, do you
consider such a policy as not necessary since the board representative, the
audit committee, would have already been notified of the "significant"
issue by the Chief Audit Executive? More than likely, a significant
issue will be communicated to the Board by the Audit Committee; however,
should or could such communication be made mandatory by an Internal Audit
Charter or is that outside a Charter's scope?
Regards,
David
