What does Domain 3 govern specifically in the internal audit function?

Domain 3 specifically focuses on governing the internal audit function, which encompasses the frameworks, policies, and procedures that guide the entire audit process within a credit union. This domain establishes the principles and standards necessary for maintaining an effective and independent internal audit function. It includes aspects such as setting objectives for the audit function, ensuring that its authority and responsibilities are clear, and aligning it with the overall goals of the organization.

An effective governance structure in internal auditing ensures that audits are conducted in adherence to established standards and helps maintain transparency and accountability. This domain also emphasizes the importance of a well-defined internal audit charter, which outlines the scope of the internal audit’s responsibilities and its role within the organization.

While managing internal audit staff, performing audit services efficiently, and creating training programs are important aspects of an internal audit function, they do not capture the overarching governance element that Domain 3 emphasizes. It’s the governance that sets the stage for how these other functions are executed, ensuring they align with the strategic interests of the credit union.