Internal Audit
Constitution and Mandate
The Internal Audit Unit is established by the Council and its responsibilities are defined by the Finance & Audit Committee as part of their oversight function. The mission of the Internal Audit Unit is to provide independent, objective assurance and consulting services designed to add value and improve the Secretariats and other SACU institutions operations. It helps the Secretariat and other SACU institutions accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Responsibility
- Develop a flexible annual audit plan using appropriate risk-based methodology, including any risks or control concerns identified by management, and submit that plan to the Finance and Audit Committee for review and approval.
- Implement the annual audit plan, as approved, including, and as appropriate, any special tasks or projects requested by management and the Finance and Audit Committee.
- Maintain a professional audit unit with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of this Charter.
- Establish a quality assurance program by which the Internal Auditor assures the operations of internal auditing activities.
- Perform consulting services to assist management in meeting its objectives. Examples may include facilitation, process design, training, and advisory services.
- Evaluate and assess significant merging/consolidation functions and new or changing services, processes, operations, and control processes coincident with their development, implementation, and/or expansion.
- Issue periodic reports to the Finance and Audit Committee and management summarizing results of audit activities.
- Keep the Finance and Audit Committee informed of emerging trends and new development in the internal auditing profession.
- Provide a list of significant measurement goals and results to the Finance and Audit Committee.
- Assist in the investigation of significant suspected fraudulent activities within the Secretariat and other SACU institutions and notify management and the Finance and Audit Committee of the results.
- Consider the scope of work of the external auditors and regulators, as appropriate, for the purpose of providing optimal audit coverage to the Secretariat and other SACU institutions at a reasonable over-all cost.