The Objective of Internal Audit Unit is to perform audit assurance in an objective and analytical manner, in accordance with International Professional Practice Framework and engage in consultancy and furnishing Management with analyses, appraisals recommendations and commentaries aimed at identifying avenues for improvement in risk management, control and governance processes.
The scope of Internal Audit services include;
(i) Reviewing and montoring framework of risk management to ensure that risks are appropriately identified and managed;
(ii) Reviewing governance processes to ensure that interaction with various governance groups occurs as needed;
(iii) Reviewing policies, plans, procedures, laws, and regulations that could have a significance impact on operations to determine whether an entity is inoverall complience;
(iv) Reviewing the reliability and integrity of financial and operating information and the means used to identify measure, classify, and report such information.
(v) Review the systems established to ensure compliance with those policies, plans, procedure, laws, and regulations which could have a significant impact on operations reports and whether the organization is in compliance.
(vi) Reviewing the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
(vii) Reviewing and appraising the economy, efficiency and effectiveness with which resources are employed.
(viii) Reviewing operations and programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
