Western Economic Diversification Canada
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Governance

The WD Internal Audit Charter was most recently approved by the Deputy Minister in March 2009. The Departmental Audit Committee reviews the charter on a periodic basis. The charter establishes and defines the purpose and scope of the Internal Audit function within WD. The charter establishes Internal Audit’s purpose, authority, responsibilities, accountability, independence, and objectivity within WD. The Internal Audit function is further guided by the standards of internal audit practices adopted by the Government of Canada, which include the standards of the Institute of Internal Auditors.

The Departmental Audit Committee is an essential part of the Department’s governance structure and audit regime. The Audit Committee ensures that the Deputy Minister has independent and objective advice on the adequacy of the Department's control and accountability processes. The Audit Committee exercises active oversight of core areas of departmental control and accountability in an integrated and systematic manner.

WD’s Audit Committee consists of an external chair, two external members, and the Deputy Minister in an ex-officio capacity. The Chief Audit Executive reports directly and exclusively to the Deputy Minister.

Organization

The Internal Audit activity is a function within the Audit and Evaluation branch at WD.

Audit and Evaluation Branch – Organizational Chart

Audit and Evaluation Branch – Organizational Chart

Role of Internal Audit

The primary role of Internal Audit is to provide independent and objective assurance and consulting activity designed to add value and improve WD’s operations. Internal Audit helps WD to accomplish its strategic objectives by bringing systematic, disciplined approach to evaluate and improve the effectiveness of:

  • Risk management;
  • Control; and
  • Governance practices.