The Internal Audit & Risk Department of Women Enterprise Fund (WEF) is an independent review activity that reports administratively to the Chief Executive Officer and functionally to the Audit & Risk Committee of the Board. It was established to assist the Advisory Board and Management to achieve good corporate governance.
THE MAIN ROLE OF INTERNAL AUDIT
• Assurance Services
This involves an objective examination of evidence for purpose of providing an independent assessment on risk management, control, or governance processes within WEF. This may include financial performance, compliance, system security, fraud investigation, risk and control self-assessment, audit of third parties, contract auditing, quality assurance engagements, security audits, performance audits, and operational audits.
• Consulting Services
They involve advisory activities, the nature and scope of which are intended to add value and improve the organization's operations. These include counsel, advice, facilitation, process design, benchmarking, information technology and systems development, design of performance measurement systems and internal control training.
OVERALL OBJECTIVES OF INTERNAL AUDIT FUNCTION
In carrying out the above role the internal auditor has to work towards achieving the overall objective of the internal audit function, which is to assist all levels of management in the effective discharge of their responsibilities by providing independent analysis, appraisals, advice and recommendations concerning the activities reviewed. Some of the specific responsibilities include:
To build and propagate a culture of compliance, efficiency and effectiveness that will ensure value for money in all activities of the Fund