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Departments

Audit and Risk

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:

  • Appraisal of the relevance, reliability and integrity of management, financial and operating data/reports, risk management and control processes;
  • Review of the systems established to ensure compliance with policies, plans, procedures, statutory requirements and regulations which have a significant impact on operations;
  • Review of the means of safeguarding assets and verifying the existence of such assets;
  • Conduction of special assignments and investigations on behalf of the audit committee into any matter or activity affecting the probity, interests and operating efficiency of the organization.
  • Review the effectiveness of the risk management system and strategies and make appropriate recommendations.
  • Review the funds compliance with the relevant statutes, policies, rules, regulations and administrative government circulars.
  • Review adequacy of internal policies, procedures and process to ensure necessary and sufficient internal controls are in place.
  • Receive and review external auditor's reports and management responses thereto including the action taken to address any material issues raised.
  • Review compliance with the fund's service and board charter.
  • Reviews the interim report and the annual financial statements for proper and complete disclosure of timely, reliable and consistent information and confirms that the accounting policies used are appropriate.

MISSION

To build and propagate a culture of compliance, efficiency and effectiveness that will ensure value for money in all activities of the Fund

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