The value and primary responsibility of the Internal Audit Division is to provide independent, objective assurance and advisory services designed to add value and improve the Ministry’s operations. It will help the Ministry accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The mission of the Internal Audit Division is to determine whether the Ministry’s network of risk management, control, and governance processes, as designed and represented by senior management, is adequate and functioning in a manner to ensure:
- Risks are appropriately identified and managed.
- Interaction with the various governance groups occurs as needed.
- Financial, managerial, and operating information is accurate, reliable, and timely.
- Employees’ actions are in compliance with policies, standards, procedures, and applicable laws and regulations.
- Resources are acquired economically, used efficiently, and adequately protected.
- Quality and continuous improvement are fostered in the Ministry’s control process.
- Legislative issues impacting the Ministry are recognized and addressed appropriately.
Opportunities for improving management control, efficiency and the Ministry’s image may be identified during audits. They will be communicated to the appropriate level of management, the Ministry’s Audit Committee, and/or the Internal Audit Governance Board Secretariat of the Republic of Liberia.
The Internal Audit Division objectives are to provide the following services:
- Provide quarterly an assessment on the adequacy and effectiveness of the Ministry’s processes for controlling its activities and managing its risks in the areas set forth under the mission and scope of work.
- Report significant issues related to the processes for controlling the activities of the Ministry, including potential improvements to those processes.
- Periodically provide information on the status and results of the annual audit plan and the sufficiency of department resources.
- Coordinate with and provide oversight of other control and monitoring functions (risk management, compliance, security, legal, ethics, environmental, external audit).
The Director of the Internal Audit Unit and staff of the Internal Audit Division have a vision of creating a minimum risk based environment by the following means:
- Develop a flexible quarterly audit plan using an appropriate risk-based methodology, including any risks or control concerns identified by management, and submit that plan to the Audit Committee and the Internal Audit Governance Board Secretariat for review and approval as well as periodic updates.
- Implement the annual audit plan, as approved, including as appropriate any special tasks or projects requested by the Audit Committee and the Internal Audit Governance Board Secretariat.
- Maintain a professional audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of this Charter.
- Evaluate and assess significant merging/consolidating functions and new or changing services, processes, operations, and control processes coincident with their development, implementation, and/or expansion.
- Issue periodic reports to the Audit Committee and the Internal Audit Governance Board Secretariat, summarizing results of audit activities.
- Keep the Audit Committee informed of emerging trends and successful practices in internal auditing.
- Provide a list of significant measurement goals and results to the Audit Committee.
- Assist in the investigation of significant suspected fraudulent activities within the Ministry and notify the Internal Audit Governance Board Secretariat and the Ministry’s Audit Committee of the results.
- Cooperate with the General Auditing Commission and other external auditors, as appropriate, for the purpose of providing optimal audit coverage to the Ministry.
The Director and staff of the Internal Audit Division are authorized to:
- Have unrestricted access to all functions, records, property, and personnel.
- Have full and free access to the Audit Committee.
- Allocate resources, set frequencies, select subjects, determine scopes of work, and apply the techniques required to accomplish audit objectives.
- Obtain the necessary assistance of personnel in departments/divisions of the Ministry where they perform audits, as well as other specialized services from within or outside the Ministry.
- The Director and staff of the Internal Audit Division are not authorized to:
- Perform any operational duties for the Ministry.
- Initiate or approve accounting transactions external to the Internal Auditing Division.
- Direct the activities of any Ministry employee not employed by the Internal Auditing Division, except to the extent such employees have been appropriately assigned to auditing teams or to otherwise assist the internal auditors.
Standards of audit practice
The Internal Audit Division will adhere to the International Standards for the Professional Practice of Internal Auditing of The Institute of Internal Auditors, and the Government of Liberia Internal Audit Manual.