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The Internal Audit Service is a newly created function within the IVI. Internal auditing is an independent activity within the Institute which is responsible for the review, evaluation and monitoring of the adequacy and effectiveness of the Institute''s overall systems of internal control. For this purpose, all systems, processes, operations, functions and activities within the Institute will be subject to such review, evaluation and monitoring.
A) Work Plan The Internal Auditor will prepare annual work plans, including risk analysis, and ensure comprehensiveness and quality of the audit programs. The Internal Auditor will work alongside the Director-General, the Board and Finance and Administration Committee in planning and organizing the activities of Internal Audit including: - Prepare an annual audit plan which fulfills the responsibility of Internal Audit - Schedule and assign work to meet completion dates - Estimate resource needs - Make recommendations regarding specific areas of responsibility.
B) Scope of Work The Internal Auditor will perform the following tasks: - Review and recommend actions on annual and long-term operating and capital financial strategies and forecasts - Monitor performance against annual and long-term operating and capital financial plans and forecasts - Review and recommend the Institute''s fiscal management policies and processes, including asset-liability coverage, financial forecasts, modalities of contributions and investment policies for the Institute''s financial assets - Review financial transactions in order to ensure: the regularity of the receipt, custody and disposal of all funds and other financial resources of the Institute the conformity of obligations and expenditures with the appropriations approved by the Board and with the purposes and rules relating to reserve - Oversee that management has maintained processes to assure compliance by the Institute with all applicable laws and regulations - Where appropriate, make recommendations for improved management controls and practices, cost reductions and enhanced efficiency and effectiveness of operations - Monitor and evaluate the effectiveness of the Institute’s risk management system - Perform other related duties as required by the Finance and Administration Committee.
C) Reporting The Internal Auditor will prepare written reports, including findings, analyses and recommendations based on audit work performed. - The Internal Auditor''s reports, together with the audited financial statements, will be transmitted to the Board through the Finance and Administration Committee. - The Finance and Administration Committee will examine the financial statements and audit reports and forward them to the Board with such comments as it deems appropriate. The Board or the Finance and Administration Committee may request the Internal Auditor to perform certain specific examinations and to submit separate reports on the results. |