Internal Audit is a department, independent of line Management,
whose prime responsibility is to review the quality and
effectiveness of the controls within the Banks and mitigate risk
and protect the assets of the Bank. In performing this work,
internal audit provides recommendations and advice to management on
matters requiring attention. Internal audit will normally produce
an annual plan of work to be performed, concentrating on areas of
higher risk. Structured timetables and work programs(e.g.audit
programs)will be designed for each assignment. At the end review,
an audit report will normally be prepared for senior management
attention and action. ad-hoc assignments may also be performed at
the request of senior management where problems or irregularities
require further investigation. further, there are real advantages
in ongoing internal audit involvement in major projects, including
systems developments. In this way audit concern can be addressed
up-front and action taken before the problem becomes too
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