Internal Audit

Internal Auditing is an independent, objective, assurance and consulting activity that adds value to and improves an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, controls, and governance processes.

Internal Audit Division:

The Chief Audit Executive (CAE), in the discharge of her duties, shall be accountable to the Audit and Performance Committee to:

• Develop a three-year strategic and annual audit plan using the
  appropriate risk-based methodology, including any risks or control
  concerns identified by management and submit the plan to the Audit
  and Performance Committee for approval;
• Issue quarterly reports to the Audit and Performance Committee;
• Establish policies and procedures to guide the Internal Audit Division;
• Provide independent and objective assurance to management on the
  effectiveness of risk management, internal control and governance
  processes;
• Report significant issues related to processes for controlling the
  activities (including potential improvements to those processes) to
  management.
• Report significant risk exposures and internal control issues, corporate
  governance issues and other matters raised by the Audit and
  Performance Committee or Senior Management.
• Facilitating the approval of the Audit and Performance Committee
  Charter by Council.
• Facilitating the implementation of Combined Assurance and provide
  information on the coordination with and oversight of other internal
  control and monitoring functions.

Audit and Performance Committee:

The Audit and Performance Committee is responsible to oversee the execution of internal audit work, and advises the Council, the political office-bearers, the Accounting Officer and senior management of the Municipality.

The objectives of the Audit and Performance Committee as an
assurance provider to Council are:

• To evaluate the effective, efficient and transparent systems of financial
  and risk management and internal control that are maintained by the
  Council, which contribute to the efficient and effective utilisation of resources, safeguarding of assets and the accomplishments of
  established goals for operations or programs.
• To create a distinct and clear communications channel between the
  Council, management, external auditors and internal auditors.
• To inform the Council regarding important problems which must be
  addressed, concerning the preparation and discussion of the financial
  statements.
• To monitor the effectiveness of the internal audit function.
• To promote the efficiency and effectiveness of accounting and
  management information systems.
• To enhance the objectivity and credibility of reporting to stakeholders.