Issue 10 of Audit Committee Update focuses on the new Public Sector Internal Audit Standards (PSIAS) which come into effect from 1 April 2013.
The standards apply across the UK in local government, central government and health and are mandated by the relevant intenal audit standard setters. The audit committee in these bodies will play a key role in the oversight of internal audit and will rely on the work of internal audit for assurance in many key areas. It is important therefore for the audit committee to have an understanding of the PSIAS and how their internal auditors are implementing them.
This briefing outlines the key areas for the audit committee to know and suggests key questions to ask.
In addition there is the regular update on a range of governance developments across the public sector with links to useful resources. Of particular mention in this issue is the new addendum for annual governance statements for 2012/13.