Audit Charter-Point to Remember

Points to remember for CISA Exam-Audit Charter:

(1)In any given scenario, role of IS audit function should be established by Audit Charter.

(2)In any given scenario, audit charter should be approved by Top Management. Preferably, highest level of management and audit committee should approve this charter.

(3)Audit Charter outlines the overall authority, scope and responsibilities of the Audit Function.

(4)In any given scenario, primarily auditor’s action is influenced by audit charter (which defines roles and responsibilities of Audit Functions)

(5)This Charter should not be dynamic in nature and should be changed only if change can be thoroughly justified.

(6)Audit Charter should not include detailed yearly audit calendar, audit planning, yearly resource allocation and other routine audit activities.

(7)Aspects like the Professional fees payable, travel expenses budget for auditors, etc. are not included in Audit Charter.