D.13 Policy on Coordination with Internal Compliance and Assurance Functions

1. Throughout the Office, various functions have responsibility for overseeing, ensuring, and auditing compliance in specialized areas such as laws and regulations, regulatory and financial reporting, risk management, health, safety, and environment. These are commonly referred to as second line of defense functions or activities. These functions, along with internal auditing as the third line of defense, are critical to attaining Audit Committee and management’s strategic and operational objectives as well as to ensuring Office compliance with internal policies, laws and regulations in all jurisdictions in which the Office operates.

2. It is PRIA’s policy to coordinate closely with all such compliance and assurance groups, with the ultimate goal to ensure robust and comprehensive management of risks throughout the Office.

3. The development of these partnerships will be guided by the following principles:

   • Ongoing cooperation and open communication.

   • Identification of an agreement on common objectives.

   • Elimination of duplicate work, controls, costs.

   • Coordination of work/audit schedules to ensue minimum demands on client operations.

   • Reliance on each other’s work where possible.

   • Resource sharing to enhance value of coverage, professional development, and efficiency.

   • Promotion of conformance with the International Standards for the Professional Practice of Internal Auditing and other standards to which these individual functions might benefit.

   • Sharing of results, reports, ideas for improvement.

4. The Chief Audit Executive will be responsible to ensure that no aspect of this coordination impairs the independence or objectivity of the internal audit activity in relationship to its responsibility to audit the processes in these areas as part of its overall coverage of governance, risk management, and control.

Last modified:

2018-03-02