The mission of internal audit is to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.
The internal audit activity is established by the TMRS Board of Trustees (Board). The internal audit activity’s authority and responsibilities are defined in an internal audit charter approved by the Board. Oversight and guidance for the audit function is provided by the Internal Audit Committee.
The Director of Internal Audit is appointed by the Board and reports functionally to the Board through the Internal Audit Committee and administratively to the TMRS Executive Director. The Director of Internal Audit has free and unrestricted access to the Board, TMRS management and staff, and agency consultants and vendors.
The internal audit profession complies with authoritative guidance promulgated by The Institute of Internal Auditors (IIA). The IIA developed the International Professional Practices Framework, which organizes mandatory and recommended guidance. Mandatory elements of the Framework are:
- Core Principles for the Professional Practice of Internal Auditing
- Definition of Internal Auditing
- Code of Ethics
- TMRS Audit Plan for 2019 to 2020
- TMRS Risk Assessment and Audit Plan for 2018
- TMRS Audit Plan for 2017 to 2018