The Internal Audit Division functions under the direct supervision and guidance of the Chairman. This division is responsible for independent and objective reviews and assessment of the board activities, operations, financial system and internal controls adhering to Laws, Circulars, Financial Regulations and provisions of the Establishment Code and shop and office act to make observations and recommendations to Senior Management.
When dealing with internal audit functions at the board, special attention is given to the following as per Financial Regulation 133 by the Internal Audit Division:
- Ascertaining whether the system of internal controls of the board is designed properly and operating effectively in order to prevent, detect and correct misstatements due to error, omission and fraud,
- Ascertaining the reliability of accounting and other records and ensuring that the accounting methods applied by the Institute provides the information necessary for the preparation of true and fair financial statements,
- Appraising the quality of performance of staff in carrying out the responsibilities assigned to them,
- Verifying that the assets belonging to the board are safeguarded from losses of all kinds,
- Verifying the adherence of the provisions of the Establishments Code, Circulars issued by the Department of public enterprises. Financial Regulations of the Government and other supplementary instructions issued from time to time by the Ministers of finance Public Administration, Department of public enterprises and by the Treasury,
- Carrying out special investigations according to the Audit purpose ,
- Following the guidelines and directions given by the Department of Management Audit from time to time,
- Conducting the quarterly Audit and Management Committee meetings and
- Taking follow up actions and measures to monitor the progress in the implementation of decisions made at these meetings.