The Internal Audit Charter :

The internal audit charter (hereafter referred to simply as the charter) provides the Internal
Audit Activity with a formal mandate to do its work. This charter should be written by (and
periodically reviewed by) the Chief Audit Executive (CAE), approved by senior management
and the board or audit committee, and communicated to engagement clients. The charter
should define the following items in respect to the IAA:

1) The scope of the services and work to be performed

2) The objectives of the internal audit activity

3) The authority that the internal audit activity has to access records, personnel, and physical
properties in the organization

4) The accountability of the internal audit activity

5) The responsibility of the internal audit activity