Financial and Performance Management Standard 2019

A department’s accountable officer must establish an internal audit function to carry out assurance activities for the department.

A statutory body must establish an internal audit function to carry out assurance activities for the statutory body if—

the statutory body is directed by the appropriate Minister to establish the function; or

the statutory body considers it is appropriate to establish the function.

A department, or a statutory body that establishes an internal audit function, must—

establish, implement and maintain systems for ensuring its internal audit function operates efficiently, effectively and economically; and

use its internal audit function to carry out assurance activities.