Document background
The Internal Audit Engagement Letter serves as a formal document establishing the internal audit function's mandate within organizations operating under Austrian jurisdiction. It is typically issued annually or upon significant changes in audit scope or organizational structure. The letter ensures compliance with Austrian regulatory requirements, including the UGB and FMA regulations, while adhering to International Standards for the Professional Practice of Internal Auditing. This document is crucial for defining the independence of the internal audit function, establishing reporting lines to the appropriate governance bodies, and outlining the scope of audit activities. It includes specific provisions for data protection under GDPR and Austrian data protection laws, and addresses requirements of the Austrian Corporate Governance Code where applicable.
