Governance & compliance
Audit Committee oversight
The responsibility of the oversight body to approve the mandate, resources, audit plan and budget of internal audit, perform an annual assessment of independence and receive periodic reporting on scope, activities and findings. How often that reporting takes place is agreed between the chief audit executive and the supervisory board or audit committee; the standards do not prescribe a fixed minimum frequency. GIAS 2024 refers to "the board": a functional role that may be assigned differently by country and organisation, and therefore is not automatically the same as the audit committee.
Source: IIA GIAS 2024, Domain III