Bill Summary for S 543 (2021-2022)

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Summary date: 

Apr 6 2021

Bill Information:

View NCGA Bill Details2021
Senate Bill 543 (Public) Filed Monday, April 5, 2021
AN ACT TO ESTABLISH MINIMUM KEY PERFORMANCE INDICATORS AND CRITERIA FOR INTERNAL AUDITS, TO DIRECT THE COUNCIL OF INTERNAL AUDITING TO HIRE AN EXECUTIVE DIRECTOR AND TWO ADMINISTRATIVE SPECIALISTS, AND TO APPROPRIATE FUNDS FOR THOSE NEW POSITIONS.
Intro. by McInnis, Edwards, Woodard.

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Bill summary

Adds the following to GS 143-746, which governs required internal auditing of State agencies. Charges each agency head with the responsibility of ensuring that agency's internal audit unit meets the required key indicators established by the Council of Internal Auditing (Council). Additionally requires each agency head to certify to the Council that the audit plan was developed and the audit reports were conducted and reported in accordance with the required internal auditing standards established by the Council pursuant to the Council's new duty under GS 143-747(c)(3a), as enacted.

Adds two members to the Council of Internal Auditing, whose membership is set forth in GS 143-747, legislatively appointed upon recommendation of one member each by the President Pro Tempore and the Speaker of the House. Adds a new directive for the Council to hire an executive director to serve a four-year term, selected by Council majority. Provides for reappointment and removal of the executive director. Includes the executive director under those supported by the Office of State Budget and Management. Adds to the Council's responsibilities, the duty to establish required minimum key performance indicators or criteria that comply with the Professional Practice of Internal Auditing issued by the Institute for Internal Auditors, and to gather and assess the extent to which agencies have met the minimum key performance indicators required, and report its findings annually to the specified NCGA committee, beginning October 1, 2022.

Effective July 1, 2021.