RFPOEBIAPI08032017 - Internal Audit Plan and Implementation

The Internal Audit (“IA”) function provides independent, objective assurance and advice designed to add value and improve the Ontario Energy Board’s (“OEB”) operations, by bringing a systematic, disciplined approach in assessing and improving governance, risk management and control processes.

Governance Structure
Management Committee is responsible for establishing an appropriately resourced IA function that operates in accordance with the applicable policies governing the OEB, subject to the procurement policies of the OEB, and in accordance with professional internal auditing standards. The Management Committee will:

• Approve the IA charter;
• Approve the annual IA plan and budget;
• Approve decisions regarding the appointment and removal of the external professional services firm appointed by the Management Committee for a fixed term; and,
• Make appropriate inquiries of management to determine whether there is inappropriate scope or resource limitations.

• Develop an annual audit plan and risk assessment, including risk or control concerns identified by management and submitted to the Management Committee for review and approval each year;
• Conduct an annual review of previous audits, and where deemed appropriate, follow-up on findings and management actions;
• Issue quarterly reports to the Management Committee and the Executive Team summarizing results of audit activities, status of the implementation of the annual audit plan, and action taken by management on agreed audit recommendations from the annual follow-up review;
• Conduct any Assurance, Risk, Advisory, investigative or Forensic services as well as Information Management and Technology Audits or any other IA functions requested by the Management Committee.