Internal Audit
What We Do
The Internal Audit Division at the Ministry of Finance, Banking and Postal Services is integral to ensuring the Ministry’s integrity, compliance, and operational efficiency. This division serves as an independent and objective function that evaluates and enhances the effectiveness of risk management, control, and governance processes.
Key Functions of the Division
- Risk Assessment: Identifying and prioritizing potential financial and operational risks.
- Compliance Monitoring: Ensuring adherence to regulatory requirements and internal policies through regular audits.
- Operational Audits: Assessing the efficiency and effectiveness of departmental processes and workflows.
- Financial Audits: Reviewing financial statements for accuracy and compliance with accounting standards.
- Fraud Detection: Implementing measures to identify and prevent fraudulent activities within the organization.
- Reporting: Providing detailed audit reports to management and the board, highlighting findings and actionable recommendations.
- Continuous Improvement: Collaborating with departments to foster a culture of improvement and adaptability.
- Follow-Up Audits: Ensuring previous recommendations have been implemented effectively.
By performing these functions, the Internal Audit Division enhances accountability, promotes ethical practices, and contributes to the Ministry’s overall financial stability and success.