Internal Audit Charter

1. OBJECTIVES

The Internal Audit will assist all levels of management in the effective discharge of responsibilities by:

• Performing Audits in an objective and analytical manner in accordance with international and other standards; and
• Furnishing management with analyses, appraisals, and recommendations on activities carried out.

2. AUTHORITY

In accordance with:

• The FM Act -
• The Chief Internal Auditor having free access to the Permanent Secretary;
• The Annual Audit plan and other directives from the Permanent Secretary;
• The Unit being authorized to direct its Audit plan by:

-having full, free and unrestricted access to records and physical
properties.;
-seeking any information it requires from any employee;
-obtaining professional advice (internal & external)

3. ROLE & RESPONSIBILITIES


The Internal Audit will:

3.1 Review and appraise the effectiveness, adequacy and application of .
Internal control systems (i.e. accounting, financial and other operating
Functions) throughout the Ministry, Regional Offices Agencies and all
Government Educational Institutions (island wide) on operational activities.

3.2 Conduct risk assessment.

3.3 Ascertain the extent to which government assets are accounted for and
safeguarded.

3.4 Ascertain the extent of compliance with the FAA Act relevant laws,
regulations established policies, procedures, circulars and guidelines
issued by the Ministry Finance &Planning, the Ministry of Education, Youth
and Culture and other regulatory bodies. .

3.5 Determine whether specific projects or programs were carried out
economically, efficiently and effectively.

3.6 Ascertain the effectiveness of established policies and plans;

3.7 Appraise the quality of performance in carrying out assigned
responsibilities;

3.8 Assess the relevance and reliability of management data developed;

3.9 Recommend necessary improvements;

3.10 Follow up the recommendations to ensure that they were implemented in
a timely and effective manner;

3.11 Conduct its functions independently and professionally in accordance with
international audit standards.

3.12 Provide the Ministry of Finance, Audit Committee, the Auditor General with
information and records to facilitate their reviews.

4 REPORTING RESPONSIBILITIES


4.1 Report to:

• the Permanent Secretary
• the Audit Committee
• the Ministry of Finance & Planning