INTERNAL AUDIT FUNCTIONS

The functions of Internal Audit are many and these include but not limited to the following;

Ø The maintenance of an adequate check against fraud and misappropriation;

Ø The verification of assets and liabilities at regular intervals;

Ø The examination and constant scrutiny of all system of authorization of payment to ensure an adequate control of expenditure;

Ø Concerned with measuring and evaluating the continuous effectiveness of internal control system;

Ø Ensure that various policies as put in place by the management are strictly adhered to;

Ø That the information required by the management to manage effectively is reliable and complete;

Ø Periodic examination of internal checks to ensure the highest possible standards of accuracy and efficiency;

Ø Review of accounting system and related internal controls;

Ø Examination of financial and operational information for management, including detailed testing of transactions and balances;

Ø Review of the economy, efficiency and effectiveness of operations and the functioning of non-financial controls;

Ø Review of the implementation of corporate polices, plans and procedures;
Special investigations.