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Internal Audit

1. Why is Internal Audit important to the Region of Peel?

Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve operations.

2. What is the role of Internal Audit?

Internal Audit's mandate is to provide value-added advice, assurance and risk management services that support organizational success. Internal Audit does this through:

  • Reviewing programs and services to assess the effectiveness of key controls in mitigating risk that may impact the achievement of established objectives.
  • Evaluating the risk management processes to determine that risks are aligned with risk appetite and that risk management information is captured and communicated through the Region of Peel.
  • Providing advice by assisting and identifying risks and working with management to improve controls and governance.

3. How is an audit selected for an audit?

Each year, Internal Audit conducts an organizational risk assessment of Regional programs, services and operations. Risks, controls and mitigating strategies are evaluated and prioritized and a risk based internal audit work plan is subsequently developed. The work plan assists Audit and Risk Committee discharge their duties by providing assurance Regional programs, services and operations are being delivered efficiently and are working effectively.

4. Who oversees the Region of Peel's Internal Audit Division?

The Internal Audit division operates independently so that it can be impartial to the audits it conducts and reports to the Audit and Risk Committee. The Audit and Risk Committee was established in 1995 to assist Regional Council and associated Boards and Agencies in discharging their governance, accountability and stewardship responsibilities. The Committee is comprised of the Regional Chair (EX-officio), the Chair and Vice-chair of the Enterprise Program and Services section of Regional Council, and includes at least one member from each of the area municipalities. Meetings are held a minimum of three times annually and at other times as required.

5. What are the responsibilities of the Audit and Risk Committee?

The Audit and Risk Committee is responsible to review and advise on:

  • The integrity, quality and transparency of the Region's financial, management and operational information.
  • The effectiveness of the financial and management reporting processes.
  • The effectiveness of risk management and control processes and practices.
  • The performance of the internal audit function and assessing the effectiveness of the external audit function.
  • Ethical business conduct and compliance with the Region of Peel's Code of Conduct. To obtain additional information about the roles and responsibilities of the Audit and Risk Committee, please refer to the Committee's Charter.

To obtain additional information about the roles and responsibilities of the Internal Audit function, please refer to the Internal Audit Charter.

For information about upcoming meetings, please refer to the Committee's agendas

For information about past meetings, please refer to the Committee's minutes

 

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