Internal Audit Overview
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, control, and governance processes.
Internal Audit Unit:
The Chief Audit Executive (CAE), in the discharge of his 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 Unit;
- Provide independent and objective assurance to management on the effectiveness of risk management, control and governance processes;
- Report significant issues related to processes for controlling the activities (including potential improvements to those processes) to management.
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.
Download all Internal Audit Documents below:
Download all Internal Audit documents Below