Common use of Internal Audit Clause in Contracts

Internal Audit. 9.1 The BFI shall:  establish and maintain arrangements for internal audit in accordance with the Treasury’s Government Internal Audit Standards (GIAS);  ensure DCMS is satisfied with the competence and qualifications of the Head of Internal Audit and the requirements for approving appointments in accordance with GIAS 5.2;  set up an Audit Committee of its Board in accordance with the Cabinet Office’s Guidance on Code of Practice for Public Bodies and the Audit Committee Handbook;  forward the audit strategy, periodic audit plans and annual audit report, including the BFI Head of Internal Audit’s opinion on risk management, control and governance to the sponsor department on request;  have effective controls to prevent fraud and theft; and  report all cases of attempted, suspected or proven fraud, irrespective of the amount involved, and notify the Department of any unusual, novel or major incidents as soon as they are discovered, irrespective of the amount involved.

Internal Audit. 9.1 9.1. The BFI BTA shall:  ● establish and maintain arrangements for internal audit in accordance with the Treasury’s Government Internal Audit Standards (GIAS);  ● ensure DCMS is satisfied with the competence and qualifications of the Head of Internal Audit and the requirements for approving appointments in accordance with GIAS 5.2;  ● set up an Audit Committee of its Board in accordance with the Cabinet Office’s Guidance on Code of Practice for Public Bodies and the Audit Committee Handbook;  ● forward the audit strategy, periodic audit plans and annual audit report, including the BFI BTA Head of Internal Audit’s opinion on risk management, control and governance to the sponsor department on request;  ● have effective controls to prevent fraud and theft; and  ● report all cases of attempted, suspected or proven fraud, irrespective of the amount involved, and notify the Department of any unusual, novel or major incidents as soon as they are discovered, irrespective of the amount involved.