The SLC Internal Audit Unit was first set up in November 2015 when the corporation employed their first Internal Auditor working within the Policy Advise (Executive) Division. It was set up with the purpose to provide strategic and independent appraisal activities by examining the adequacy and effectiveness of Corporation Internal Controls.
The Internal Auditor also assists management in the effective discharge of their responsibilities by presenting Audit, Spot Check and Internal Investigation Findings and Recommendations for improvement. Also does monitoring and providing assurance of compliance with current statutory requirements, policies and procedures to be in line with International Accounting Standards (IAS) and the Corporation’s statutory requirements and policies.
More important the Internal Auditor is responsible to the General Manager and the SLC Finance and Audit Committee and below the main responsibilities:
- Responsible for the overall management of the Internal Audit functions to ensure effective delivery of audit and investigation services.
- Review existing policies, regulations and systems in place.
- Recommend on changes and improvements where relevant and formulate new policies and system to ensure the effective implementation of the Corporation activities.
- Conduct regular reviews of internal control systems and existing policies to ensure transparency, accountability and compliance.
- Prepare Audit reports on Irregularities and Audit examinations and submit to the General Manager and Finance and Audit Committee.
- Assist with External Auditors and coordinate external audit work during audit period.
- Conduct and follow-up review and update on Management Letter and ensure compliance with recommendations in future.
- Finalize and report to the General Manager and Finance and Audit Sub-Committee on the progress of Internal Audit activities and operations through monthly and quarterly reporting.
- Review existing Investment operations to ascertain whether results are consistent with established goals and objectives.
- Conduct other duties as directed by the General Manager and Finance and Audit Sub-Committee.
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