Assist/act independently and objectively in the effective discharge of its responsibilities by furnishing it with analysis, appraisals, recommendations and pertinent comments concerning the activities reviewed.
• Formulate strategies, policies and plans for the Unit consistent with NASC’s primary objectives, values statement, strategies and policies
• Prepare an annual audit plan and submit to ED each year for review and approval and function accordingly.
• Prepare and implement internal audit manual
• Follow-up to rectify the comments made by the OAG
• Review the reliability and integrity of financial and operating information and the means used to identify measure, classify, and report such information.
• Review the systems established to ensure compliance with those policies, plans, procedures, laws, and regulations which could have a significant impact on operations and reports and whether the organization is in compliance.
• Review the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
• Review and appraise the economy and efficiency with which resources are employed.
• Review operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
• Monitor and evaluate the effectiveness of the organization's risk management system.
• Review and evaluate systems of control and the quality of ongoing operations, recommend action to correct any deficiencies, and follow-up on management’s response to assure that corrective action is taken on a timely basis.
• Appraise the quality of management performance in terms of compliance with policies, plans, procedures, laws, and regulations.
• Identify operational opportunities for improvement in performance by appraising functional effectiveness against NASC standards and sound business practices.
• Coordinate internal investigations of suspected fraud with the appropriate NASC
• Conduct special reviews as directed by the ED
• Evaluate the adequacy of management’s corrective action and perform necessary follow-up procedures to ensure that the corrective action has been implemented.
• Submit quarterly activity reports to the ED that summarize audit findings and trends.
• Serve as facilitator and coordinator for external audit.
• Any other functions as assigned by the ED and EC
Key Result Area
• Strategy and policy of auditing
• Internal audit plan
• Periodic auditing
• Internal audit manual
• Performance audit
• Correction measures and comments for financial and accounting system
• Monitoring and evaluation of accounting practices at NASC
• Facilitation and coordination with external audit
Key Performance Indicators
• Status of strategy and policy of auditing
• Status of auditing plan
• Implementation of auditing plan
• Number of suggestions and corrections to account section
• Frequency of monitoring and evaluation of accounting practices
• Status of facilitation and coordination with external audit
• Timely reporting