First-party audit
The Chartered Institute of Procurement & Supply (CIPS) Glossary of procurement terms, defines a first-party audit (or internal audit) as: ‘An inspection of an organisation by an auditor employed by the organisation.’
Functional Standards Common Glossary, published by the Cabinet Office, defines internal auditing as: ‘An independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.’
It defines an internal audit charter as: ‘…a formal document that defines the internal audit activity’s purpose, authority and responsibility. The internal audit charter establishes the internal audit activity’s position within the organisation; authorises access to records, personnel and physical properties relevant to the performance of engagements; and defines the scope of internal audit activities. It should be reviewed periodically and approved by the audit committee.’
And an internal audit engagement as: ‘A specific internal audit assignment, task, or review activity, such as an internal audit, control self-assessment review, fraud examination, or consultancy. An engagement may include multiple tasks or activities designed to accomplish a specific set of related objectives.'
[edit] Related articles on Designing Buildings
Featured articles and news
Introducing or next Guest Editor Arun Baybars
Practising architect and design panel review member.
Quick summary by size, shape, test, material, use or bonding.
Types of rapidly renewable content
From forestry to agricultural crops and their by-products.
Terraced houses and the public realm
The discernible difference between the public realm of detached housing and of terraced housing.
Put digitalisation and sustainability at the core of curricula
Project management educators are urged.
Looking back at the influence of climate events
From a designer and writer: 'There are limits to growth but no limits to development'.
Terms, histories, theories and practice.
Biophilic design and natural light
Letting in the light and natural elements into spaces.
APM Programme Management Conference 2024
Strategies for Success.
Residential takes the reins as contract awards even out
Contracts down, but remain above the last quarter of 2023.
Celebrating Eid and the largest mud-brick building.
Barry Kingscote claims prestigious CIOB CMYA Award.
The British Mosque: an architectural and social history
The story of some 1,500 mosques or more in Britain.
Heat pump refrigerants, efficiencies and impacts
R12 to R1270 what are the differences?
Global heat pump market in 2023
Challenging times with positive but modest outlook.
Beyond the infrastructure pipeline
Opportunities and chokepoints.