Internal Audit

Internal Audit

The Internal Audit is conducted by the Groups Internal Audit Department (IAD) which has been established by the Audit Committee (AC). The IAD is independent of the activities it audits. Audits are performed with impartiality, proficiency, and due professional care. 

Internal Audit Reports are tabled at the audit committee meeting. The AC will review, assess and approve the internal audit plans and programmes and provides guidance to the IAD as and when necessary. The AC also reviews and monitors the responsiveness of the management to significant audit findings and the recommendations of the IAD. 

AC has directed that part of the management’s annual key performance indicators to include the proper close out of key audit findings as to ensure that management effectively close out all significant audit findings in a timely manner.

The IAD attempts to assist the Group in accomplishing its goals by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the various processes and controls within the Group. The IAD maintains its impartiality and proficiency and due professional care by having its plans and reports directly under the purview of the AC.

The reports from any reviews performed by the IAD are also forwarded to the auditees management and shared with the Head of business units, the CEO and CFO. Management is responsible for ensuring that corrective actions are taken within the stipulated time frame and all outstanding/open items are reported.

The IAD adopts the main standards and principles outlines in the International Professional Practices Framework of The Institute of Internal Auditors and this has been incorporated in the practical IAD methodology that is used to guide the ways of working of the IAD.