INTERNAL AUDIT DIVISION

The Internal Audit Division provides an independent, objective assurance and consulting activity designed to add value and improve the institute’s operations. Activities of the Division helps the institute management & Audit Committee in identifying, avoiding and mitigating risks by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control and governance processes.

Consistent with its mission, the internal Audit Division provides management with information, appraisals, recommendations, and counsel regarding the activities examined and other significant issues.

The division executes an approved audit plan and will perform the following tasks in accordance with its overall strategy:

• Verify the existence of assets and recommend proper safeguards for their protection
• Evaluate the adequacy of the system of internal controls
• Recommend improvements in controls
• Assess compliance with policies and procedures and sound business practices
• Assess compliance with government regulation and contractual obligations
• Review operations/programs to ascertain whether results are consistent with established objectives and whether the operations/programs are being carried out as planned
• Investigate reported occurrences of fraud, embezzlement, theft, waste etc.