Internal Audit provides independent, objective assurance services designed to add value and improve the Agency’s operations. The internal audit activity helps the Agency accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of its risk management, control and governance processes.
Assurance services are provided through audit engagements, which in turn provide the Agency’s President and other senior managers with objective examinations of the soundness of risk management strategies and practices, management control frameworks and practices, and information for decision making and performance reporting.
Audit engagements are structured to the specific needs of the Agency, as determined through risk assessment analysis and consultation with senior management. The types of engagements conducted include:
– is carried out to determine whether the Agency has complied with specific policies, plans, procedures, guidelines, regulations or contracts that affect the organization. There must be established criteria against which the compliance can be measured to successfully complete a compliance audit.
Program Management Audit – provides management with an independent assessment of the project management function, the processes for dealing with project risks and the quality of work performed by the project management team.
Comprehensive Audit – is a combination of a compliance audit and program management audit.
Review/Study – is normally undertaken by management to examine a specific issue related to a program, policy or initiative. It uses some established audit methodology, but does not require the application of rigorous auditing practices.
Charters
ACOA Internal Audit Charter
ACOA Audit Committee Charter
ACOA also conducts assessments of the relevance, success and cost-effectiveness of our programs and initiatives. These evaluation reports provide ACOA management with relevant, timely and objective information to guide decision-making. We consider performance measurement and evaluation reporting to be critical to the successful, sustainable development of policy, programs and operations.