Internal Audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations with a special focus on internal controls and applicable rules and regulations.
Internal Audit work at WSSP includes the review of risk management procedures, internal control systems, information systems and governance processes. This work shall involve periodic testing of transactions, best practice reviews, special investigations, appraisals of regulatory requirements, and measures to help prevent and detect fraud
Background
Internal Audit function is to evaluate the operations, processes, management methodologies, internal control system and effectiveness of the internal control policies in safeguarding the assets and interests of WSSP. It ensures that the activities of the WSSP are aligned with its strategies and objectives and appropriate control procedures exist within the system to minimize the WSSP’s exposure to risks in the day to day operations. Functions of the Internal Audit Section (IAS) in WSSP can be classified as follows:
- Advisory: IAS may recommend improvements and changes in the systems, processes, operations and in the setting up of new systems.
- Reporting: IAS will prepare regular internal audit reports on the activities of WSSP and the project it will implement including exception reports reporting deviations from the established standards.
- Testing of organization’s controls over its various operating functions such as controls over procurements, human resource, inventory and other functions. • Testing of internal controls over projects implemented by WSSP.
- Testing that the system of internal control promotes the efficient and effective use of WSSP resources.
- Ascertaining that there are adequate controls to ensure reliability of accounting and other information as a basis for producing accounts and for financial, statistical and other reports to board, government agencies and other stakeholders.
- Testing compliance with Laws, Regulations and government agencies/donor’s guidelines during the implementation of projects.
Scope of Internal Audit
Scope of the Internal Audit Section in WSSP shall include:
- Ensuring that the WSSP personnel are complying with
- Directives and instructions issued by Audit Committee of the Board.
- Established practices and other applicable Government Laws and Regulations.
- Program’s internal directives and circulars.
- Program’s own systems and procedures.
- Review the adequacy of controls established for ensuring compliance with SOP’s/Manuals and WSSP objectives.
- Evaluating the reliability and integrity of information and the means used to identify, measure, classify, and report such information.
- Evaluating the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
- To check that the applicable Government’s various taxes and dues are being collected as per requirement and deposited into the Government Accounts within the specified period of time.
- Appraise the use of resources with regard to economy, efficiency and effectiveness.
- Monitoring and evaluating governance processes.
- Monitoring and evaluating the effectiveness of the organization’s risk management processes.
- Reporting significant risk exposures and control issues, including fraud risks, governance issues, and other matters needed or requested by the Audit Committee.
- To check controls over operating as well as capital expenditure.
- Performance of surprise checks as and when needed.
- Recommending to the Senior Management for improvements in the existing systems and procedures.
- Attend the whistle blows and take appropriate actions as per need basis, however actions needing an approval from Audit Committee and performing those actions without the approval must be justified.
- Perform duties with high standards of Ethics.
- Evaluating specific operations at the request of the CEO/Audit Committee of the Board.
- Follow up recommendations to make sure that effective remedial actions are taken.
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