Internal Audit Unit

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

Internal auditing achieves this by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice.

The scope of internal auditing within an organization is broad and may involve topics such as an organization’s governance, risk management and management controls over: efficiency/effectiveness of operations (including safeguarding of assets), the reliability of financial and management reporting, and compliance with laws and regulations. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation professionals, and conducting post investigation fraud audits to identify control breakdowns and establish financial loss.

Internal audit Unit is not responsible for the execution of company activities; they advise management and the board of directors (or similar oversight body) regarding how to better execute their responsibilities. As a result of their broad scope of involvement, internal auditors may have a variety of higher educational and professional backgrounds.

The Internal Auditor of ANNDA performs the following functions :

(a) Appraise and report on the soundness and application of the system of controls operating in the covered entity;

(b) Evaluate the effectiveness of the risk management and governance process of a covered entity and contribute to the improvement of that risk management and governance process;

(c) Provide assurance on the efficiency, effectiveness and economy in the administration of the programmes and operations of a covered entity; and

(d) Evaluate compliance of a covered entity with enactments,

Policies, standards, systems and procedures.

The Internal Audit unit also appraisal and report on

(a) Budget planning and implementation, and compliance with national goals and objectives

(b) The development initiatives of the covered entity;

(c) Procurement of goods, services and works;

(d) Value for money on public expenditure;

(e) Follow-ups on the agreed audit recommendations and required corrective actions;

(f) Systems of government revenue collections for proper accountability; and

(g) Proper, timely and effective use of Government financial information systems.