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Ningbo Internal Audit Requirements

Original Language Title: 宁波市内部审计工作规定

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(Adopted at the 16th ordinary meeting of the People's Government of New York, 20 November 2007, No. 152 of 6 December 2007 in New York City People's Government Order No. 152 of 1 February 2008)

Article 1 regulates internal audit and enhances economic benefits, in line with the relevant laws, regulations and regulations, such as the People's Republic of China Audit Act, to establish this provision in conjunction with the current city.
Article 2
Article 3. Internal audit referred to in this article refers to an independent, objective monitoring and evaluation activity carried out within the organization to review and assess the appropriateness, legitimacy and effectiveness of economic activities and internal controls.
The internal audit should be guided by the principles of independence, objectivity and impartiality.
Article 5 is responsible for guiding and monitoring the internal audit of the city as a whole.
Districts (markets), district audit bodies guide and monitor internal audit work in the current administration.
Article 6 State organs, enterprise organizations, social groups and other units should establish a sound internal audit system and conduct internal audit in accordance with the relevant national provisions.
Encourage and support non-publicized enterprises to establish a sound internal audit system and conduct internal audit.
An independent internal audit body should be established in the construction units of the top-down city companies, financial institutions, large-scale national enterprises and national control units.
Units other than the preceding paragraph may be established in accordance with the need for internal audit bodies, with internal audit personnel, without authorization for the establishment of internal audit bodies to perform internal audit duties, with dedicated or part-time internal audit personnel or to commission audits by social audit organizations.
The establishment of an internal audit body may be accompanied by an internal audit commission, as required.
Article 9. Internal audit bodies and internal audit personnel operate under the authority of the unit or the principal authority.
The authority of the unit or the main head should support internal audit work and ensure that internal audit agencies and internal audit personnel carry out their duties in accordance with the law.
Article 10. Internal audit personnel shall not engage in business management activities that may affect their performance under the law.
Article 11. Internal audit personnel should have the expertise, operational capacity required to perform internal audit work and receive regular training in the follow-up education of internal audit.
Article 12. Internal audit personnel shall be subject to professional ethics, objective impartiality, integrity and confidentiality.
Internal auditor relations with the auditor (staff) or audit matter are beneficial and should be applied to avoid.
Requirements for internal audit and operational training should be included in the financial budget and assured by this unit.
Article 14. Internal audit bodies and internal audit personnel shall perform the following duties:
(i) Audit of the funds and expenditures of this unit and its affiliated units, the income and expenditure and the related economic activities;
(ii) Audit the management and use of extrabudgetary funds within the budget of this unit and its affiliated units;
(iii) An audit of the portfolio and the fixed-term asset investment project of the respective units;
(iv) Audit oversight of the assets, liabilities, losses and benefits of this unit and its affiliated units;
(v) An audit evaluation of the performance of the economic responsibilities of the principal heads of the units;
(vi) Evaluation of internal controls and risk management in this unit and its affiliated units;
(vii) Other audit or auditing matters to be carried out by the authority of this unit or by the principal authority;
(viii) Other responsibilities under laws, regulations.
Article 15. Internal audit bodies shall submit annual reports on internal audit reports to this unit's authority or principal.
Article 16: Internal audit bodies and internal audit personnel have the following competence in conducting audits:
(i) Requested the timely delivery of production, operation, financial and balance-of-payment plans, budget performance, accounts, accounting statements and other related documents, information;
(ii) Examination of information, documents, documents on production, operation and financial activities, inspection of relevant computer systems and their electronic data and information, on-site surveys;
(iii) To make recommendations for dealing with violations of the law, regulations and regulations, which may be stopped and reported on the authority of the unit or the principal authority;
(iv) With the approval of the authority of the unit or the principal authority, the information on financial accounting, production operations that may be transferred, concealed, modified, destroyed;
(v) The responsibility of the auditor and the associated personnel shall be modified by the authority of the unit or by the principal authority;
(vi) Participation in or representational meetings and other major economic decision-making meetings on external investment, asset disposal, finance and income and expenditure and other economic-related economic activities, convened by their respective offices;
(vii) Organization of meetings related to audit matters.
The internal audit of internal audit agencies and internal audit personnel requires the search of the relevant units and individuals, which should be synchronized, provide the relevant material and be responsible for the authenticity and integrity of the information provided.
Article 18 Internal audit bodies should develop annual audit workplans to be carried out with the approval of the current unit authority or the principal authority.
In accordance with the audit project and schedule established in the annual audit workplan, the internal audit body shall select the audit team and designate the audit project manager.
Prior to the conduct of internal audit, the audit project manager should develop the project audit programme, which was implemented by the head of the internal audit agency.
Article 20 Internal audit bodies should send the project audit letter to the audit unit (personal) prior to the implementation of the audit. Special audit operations may also be delivered at the time of implementation.
Article 21, Internal audit personnel should prepare a final version of the audit work in response to audit matters in the course of implementation, and the audit team should prepare audit reports and seek feedback from the auditor (persons).
Internal audit personnel may not be less than two at the time of the audit or audit.
Article 2 heads of internal audit agencies should review the audit reports and the observations of the auditing units (persons) and report the audit reports, with the consent of the unit authority or the principal authority, and monitor corrective measures by the auditor within the prescribed time frame.
Following the completion of the audit, the internal audit body should collate audit information and form audit files in a timely manner.
Article 24 allows internal audit bodies to conduct follow-up audits, monitor, inspect the corrective measures and effectiveness of the audited units on the existence, and submit follow-up audit reports to the unit authority or the principal authority.
The Internal Audit Association is a self-registered organization of the internal audit industry and should perform its duties in accordance with the law and the statute and receive guidance, supervision and management from the auditing bodies.
Article 26 The auditor shall, in conjunction with the audit, review and assess the performance of the internal audit system and internal audit work of the audited offices, make the use of internal audit results, correct the problems and shortcomings of internal audit in a timely manner and strengthen operational guidance and oversight.
Article 27 and other relevant units should be rewarded by the internal audit agencies and personnel who make significant achievements in the internal audit.
Article 28 is not in line with internal audit work, refuses to audit, provide false audit information or reprisals against internal audit personnel, which shall be dealt with by the authority of the unit or the principal authority, which constitutes an offence, and shall be criminalized by law.
Article 29 abuses by internal audit bodies or internal audit personnel, insistance, in favour of private fraud, are dealt with by the unit in accordance with the relevant provisions, and constitutes criminal liability under the law.
Article 33