Internal Audit Unit
Mandate of the Internal Audit Unit
The function and mandate of the Internal Audit is derived from section 7(3) of the Public Finance Act No. 15 of 2004 and provides for the maintenance of a system of internal audit. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations.
Objectives of the Internal Audit Unit
The objectives of the Internal Audit Unit entail the following:
- To evaluate financial and operational systems/processes for effectiveness and adequacy of internal controls and provide advice and guidance on control aspects of new policies, systems, processes, and procedures.
- To verify the existence of government assets and recommend improvements to management to ensure that proper safeguards are maintained to protect them from loss and possible fraud.
- To determine the accuracy of financial transactions.
- To determine the level of compliance with government policies, laws, contracts and procedures.
- To evaluate the accuracy, effectiveness, and efficiency of the MPSA’s electronic information and processing systems.
- To determine the effectiveness and efficiency of MPSAs in accomplishing their objectives and identify opportunities for cost savings.
- To provide an advisory service to Controlling and Accounting Officers.
- To undertake any other task or assignment to further the achievement of the above objectives.