Internal Audit


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

•   Reporting


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