The primary objective of the Institutional Audit Advisory Council (CAAI) is to provide support and advice to the Comptroller in overseeing the effectiveness of the internal control systems and accounting and financial processes of the Office of the Comptroller of Puerto Rico (OCPR). It also ensures that the procedures for maintaining internal control align with the needs, objectives, goals, and strategies established by the OCPR. Furthermore, it strengthens the independence, integrity, and reliability of internal auditing activities within the OCPR, as well as the transparency of fiscal and financial processes and transactions.
The Council's operations are governed by Regulation No. 47, known as the Regulation of the Institutional Audit Advisory Council of the Office of the Comptroller of Puerto Rico, approved on December 3, 2013.
The CAAI is composed of three members appointed by the Comptroller: a chairperson and two associate members. CAAI members serve three-year terms. All subsequent appointments to replace any member upon the expiration of their term will also be for three years. Each CAAI member will serve for the term of their appointment and until their successor takes office. CAAI members may be appointed for a maximum of three consecutive terms.
The CAAI shall be a permanent body, with complete independence of judgment to issue opinions and recommendations related to its functions. The CAAI is accountable to the Comptroller. In fulfilling its responsibilities, the CAAI shall have unrestricted access to management, to all documents and records of the OCPR, as well as the right to receive the information it needs to carry out its functions. To learn about the CAAI's responsibilities, please click this link.
