The Objectives Of Internal Audit

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Introduction
Internal Audit is an independent, objective, assurance, and consulting activity designed to add value and improve operations. It helps accomplish objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management, and control processes.

Internal Audit is organized to examine and evaluate current and proposed processes and controls. The objectives of Internal Audit are to:

1. Promote effective and efficient controls through audits, reviews and objective consulting arrangements.
2. Pursue effective corrective action to the root cause of significant issues.
3. Assist Senior Management in the effective discharge of their duties by furnishing them with analysis,
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The Institute of Internal Auditors ' "Practice Advisories" will be adhered to as applicable. Internal Audit will also adhere to company policies and procedures.

Organization
The Director of Internal Audit will report administratively to the Deputy Commissioner – Audit & Investigation. If situations occurs; whereas, independency and objectivity is at risk, the Director of Internal Audit can report the situation to the Commissioner of the BMV and/or other regulatory agency (the State Board of Accounts, Indiana Inspector General, etc.).

Independence and Objectivity
To permit maintenance of an independent and objective mental attitude necessary in rendering reports, all internal audit activities will remain free of influence by any element in the organization. This freedom from influence includes matters of audit selection, scope, procedures, frequency, timing, or report content. Internal Auditors will perform their duties in such a manner that they believe in their work product and that no audit quality compromises are made. Internal Auditors may not subordinate judgment related to their audit duties to anyone.

Internal Auditors will have no direct operational responsibility or authority over any of the activities they review. Accordingly, they will not develop or install systems or procedures, prepare records, or engage in any other activity which would normally be audited.

Authority
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