INTERNAL AUDIT

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Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve the organization’s operations.

Internal auditors work for government agency called the Internal Audit Agency (IAA). Internal auditing department is led by a Senior Internal Auditor who reports administratively to the Medical Superintendent/Specialist Pediatrician /Principal Spending Officer and functionally to the Audit Committee (AC) of the Covered Entity/Hospital/BMC.

 

FUNCTIONS

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1. The Internal Audit Unit sets standards and procedures for the conduct of internal audit activities in the covered entity and provides a means for keeping the covered entity fully and currently informed about problems and deficiencies related to the administration of their programmes and operations and the necessity for appropriate corrective action

2. The Internal Audit Unit also demonstrates professionalism and competence, objectivity, integrity and confidentiality in gathering, evaluating and communicating information to management.

3. In addition to assurance services, Internal Auditors exist to perform various advisory services to protect management and ensure that internal controls are working and risks minimized. The advisory services of internal auditors must improve management efficiency and effectiveness.

4. Internal audit function is a critical tool that can be leveraged by Heads of the covered entity when involved in decision making to ensure minimal infractions to improve public financial management.

5. The internal audit unit shall appraise and report on the soundness and application of the system of controls operating in the covered entity.

6. The internal audit unit shall evaluate the effectiveness of the risk management and governance process of the covered entity and contribute to the improvement of that risk management and governance process,

7. The Internal Audit Unit shall also provide assurance on the efficiency, effectiveness and economy in the administration of the programmes and operations of a covered entity, and evaluate compliance of a covered entity with enactments, policies, standards, systems and procedures

8. The IAU conduct quick post audit reviews on the nature, form and extent to which an approved material transaction has been executed.