Services
What is Internal Auditing?
The Institute of Internal Auditors defines "Internal Auditing as an independent objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve effectiveness of risk management, control and governance".
Reporting
The Internal Audit Office administratively and functionally reports to the Financial Secretary. It also reports to Permanent Secretaries and other Heads of Departments, informing them of audit findings and recommendations relating to their Ministries and Departments so that corrective action could be taken.
Authority
The Internal Audit Office is authorized by the Government of the Bahamas to conduct a comprehensive program of internal auditing. To accomplish its objectives, internal auditors are authorized to have full, free and unrestricted access to records, property and personnel necessary for the performance of their duties.
Scope
The attainment of Internal Audit's objective involves the following:
- Reviewing and appraising the soundness, adequacy and application of financial, operational, administrative and managerial controls and promoting effective controls at reasonable cost;
- Ascertaining the adequacy of controls in order to ensure compliance with policies, plans, procedures and relevant external requirements.
- Ascertaining the extent to which assets are accounted for and are safeguarded from losses of all kinds;
- Ascertaining the reliability of controls established over financial and operational data developed within Ministries and Departments;
- Evaluating the economy and efficiency with which resources are employed and recommending improvements in operations;
- Evaluating any plans or actions taken to correct reported conditions. If corrective actions are considered unsatisfactory, holding further discussions to achieve acceptable results.
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