The Internal Audit
The Unit is an independent and a continuous process with a statutory responsibility of verifying, reviewing and reporting to the Accounting Officer (National Coordinator/Chief Executive Officer) of NEPAD Nigeria, the Accountant General of the Federation and the Auditor General for the Federation on the internal control system as it relates to the accuracy, reliability, procedures thereby ensuring efficiency and effectiveness. The Internal Audit carries out independent examination and appraisal of NEPAD Nigeria. Is also a management control which functions by measuring and evaluating the effectiveness of other controls.
ROLES AND OBJECTIVES OF INTERNAL AUDIT
- To ensure the installation and maintenance of an internal control system within NEPAD as an agency.
- To review and make recommendations where necessary for the improvement of the control system for the efficiency and effectiveness of the system.
- To assist in protecting the assets and interests of the office as it carries out continuous examination of activities in order to detect fraud, misappropriation, irregular expenditure or losses due to waste, extravagance, mal-administration or other authorizing bodies.
- Carrying out compliance Audit to ensure that Public Service Rules and the Financial Regulations are in line with due process and are strictly followed.
- Carrying out Financial Audit as it ensures that all accounting books and transactions are well kept and all entries having arithmetical accuracy.
- Carrying out Administrative Audit which will cover Appointment Promotion and Discipline, Stores, Training and Staff Welfare, Maintenance and other Departments of NEPAD which include, APRM, PDI, PME etc.
- Value for Money Audit. The Internal Audit carries out and exercise of Value for Money Audit to ensure the economy, efficiency and effectiveness of store items purchased (capital and expenditure items).
- Periodic Verification of Store records, books such as ledgers, bin cards as against the physical.
- Carrying out Substantive Audit to ensuring the accuracy and integrity of the accounting and management information generated within the organisation.
- To monitor the use of resources in the pursuit of the objective established by law and other authorizing bodies.
- Advise the Accounting Officer on matters concerning internal control and compliance with regulations.
- Carrying out any other functions that may be assigned to the Internal Auditor by the National Coordinator/Chief Executive Officer.