Internal Audit Unit

The Internal Audit Unit of the Ministry of Finance is established by Financial Regulations Chapter 20 to amongst other things provide a complete and continuous audit of the accounts and records of revenue and expenditure, Plants, Allocated stores and unallocated stores, where applicable.  The Internal Audit Functions include: provisions of assurance to management that there are adequate system of Internal control, the policies and procedures established by management are procedures complied with, the financial data  furnished to management in connection to decision making process are reliable and to draw the management’s attention to deficiencies in Organization, instances of duplicated functions, checking of wastage.

The Unit is sub-divided into five for effective operational reasons:

  1. Pre-payment Auditing
  2. Post-Payment Auditing
  3. Advances Unit
  4. Salaries
  5. Monitoring and Evaluation
  6. Management Auditing.

FUNCTIONS
i.    Provide assurance to management that:

  • There is an adequate system of internal control which is not excessive to requirements;
  • The policies and procedures established by management are being complied with, are appropriate in current circumstance and not  wasteful;
  • The accounting records form a reliable basis for the production of the budgetary appropriation, accounting statements and other accounts, including where appropriate, management and trading accounts;
  • The Financial data furnished to management in connection with decision-making process are reliable.

 

ii.    Draw the attention of management to:

  • Deficiencies  in the organization’s system of control;
  • Instance of duplicated functions, suggest  remedy where possible, and follow up to ensure that corrective action is taken.