What Are The Objectives Of Internal Audit

Introduction

Internal Audit is an independent objective assurance and consulting activity designed to add value and improve operations. It helps accomplish objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management, and control processes.

Internal Audit is organized to examine and evaluate current and proposed processes and controls. The objectives of Internal Audit are to:

1. Promote effective and efficient controls through audits, reviews and objective consulting arrangements.

2. Pursue effective corrective action to the root cause of significant issues.

3. Assist Senior Management in the effective discharge of their duties by furnishing them with analysis, appraisals

All employees are requested to assist Internal Audit in fulfilling their audit, review and consulting activities. Internal Audit will also have free and unrestricted access to the Senior Management and/or other regulatory agency. Documents and information given to Internal Audit during a review will be handled in the same prudent and confidential manner as by those employees normally accountable for them and as require by regulation.

Responsibility

The scope of Internal Audit encompasses the examination and evaluation of the adequacy and effectiveness of the organization 's governance, risk management and control systems. In addition, Internal Audit will examine and evaluate the quality of performance in carrying out assigned responsibilities to achieve the organization 's stated goals and objectives. More specifically the scope will include:

1. Reviewing the reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such

At a minimum, those general audit procedures will include guidance related to audit planning, scheduling, risk and control assessment, reporting, and accountability.

Quality Assurance and Improvement Program

The Director of Internal Audit will develop a quality assurance and improvement program that complies with the Standards. An external quality assessment will be conducted at least once every five years.

Periodic Assessment

On an annual basis, the Director of Internal Audit will assess whether the purpose, authority, and responsibility as defined in this charter, continue to be adequate to enable Internal Audit activity to accomplish its objectives. The result of this periodic assessment should be communicated to Senior