Internal Audit Foundation

“The members of the organization are the board of directors of the institute of internal auditors (ein: 13-5532538).”

“The organization has one class of members. All members can vote at membership meetings.”

“Regarding the review of form 990, the iaf adopts a process that reflects its dedication to good governance practices and is consistent with the delegated authority of its executive committee, the supervisory committee, and the iaf's operational practices. The review process involves the following steps: 1.the supervisory committee, comprised of the officers of the board, all of which are certified internal auditors, receives the form 990 for review. 2.the committee rigorously examines the form, focusing on ensuring accuracy, compliance, and alignment with the iaf's exempt purposes. 3.emphasis is placed on financial transparency, executive compensation, and overall fiscal responsibility, reflecting the committee's advisory and oversight roles. 4.the committee may consult with the ceo and other relevant stakeholders. This process underscores the iaf's commitment to effective and efficient governance, leveraging the expertise of the supervisory committee to maintain the highest standards of fiscal responsibility and organizational integrity.”

“The organization's conflict of interest policy is distributed to each member of the organization's governing body, its officers, and its key employees on an annual basis. Each such individual provides an annual disclosure statement indicating that they have received, read, understood, and agreed to comply with the policy, and certifying that (1) they have no relationships or interests that present a conflict of interest, (2) they have one or more conflicts of interest that have been fully disclosed as required by the policy and have been properly administered in conformity with the policy, or (3) they have previously undisclosed conflicts of interest and disclosing the details of such conflicts. Any disclosure statement with previously undisclosed conflicts of interest are forwarded to appropriate organization officials to take appropriate actions as required by the policy.”

“The organization does not pay any direct salaries, but reimburses the institute of internal auditors, inc. (ein: 13-5532538) for salary costs attributable to the organization's share of employee costs. The institute of internal auditors inc. Has adopted an executive compensation setting policy applicable to all disqualified persons, including the organization's ceo, officers, and key employees. Under the policy, an independent committee of the board of directors annually reviews and approves the compensation levels of all individuals subject to the policy. The deliberations and decisions of the committee are contemporaneously substantiated. The committee utilizes comparability data in its deliberations; updated comparability data is generally obtained annually.”

“Internal audit foundation provides, upon request, copies of its articles of incorporation, bylaws, conflict of interest policy, and financial statements. The organization's financial statements can also be accessed via its website for the same period of disclosure as set forth in irc section 6140(d).”

“The organization's board of directors, or a committee thereof, assumes responsibility for the oversight of the audit of its financial statements and the selection of an independent accountant. This process has not changed from the prior year.”

“Description:other professional fees total fees:243242”