Internal Audit

The “Internal Audit” is a critical component of the Kerewan Area Council (KAC) that operates as an independent and objective assurance function. This department plays a crucial role in evaluating the effectiveness of the council’s internal controls, risk management processes, and overall governance practices.

Responsibilities:

Risk Assessment: The Internal Audit Department identifies and assesses risks that could impact the council’s operations, finances, and reputation. This involves analyzing potential vulnerabilities and developing strategies to mitigate these risks.

Internal Controls Evaluation: The department reviews and assesses the effectiveness of the council’s internal controls. This helps ensure that processes are in place to safeguard assets, prevent fraud, and maintain accurate financial reporting.

Operational Efficiency: The Internal Audit Department examines operational processes to identify opportunities for improving efficiency, reducing waste, and enhancing overall performance.

Compliance Monitoring: The department ensures that the council adheres to relevant laws, regulations, and policies. This includes reviewing processes to verify compliance and recommending corrective actions when necessary.

Financial Auditing: Financial audits are conducted to validate the accuracy and reliability of financial statements. This ensures transparency and accountability in financial reporting.

Fraud Detection: The Internal Audit Department plays a key role in detecting and preventing fraudulent activities within the council. This involves analyzing financial transactions and identifying irregularities.

Advisory Services: The department provides recommendations and guidance to improve processes, strengthen controls, and enhance governance practices based on its findings.

Reporting: Internal auditors prepare comprehensive reports outlining their findings, assessments, and recommendations. These reports are shared with relevant stakeholders, including senior management and the council’s governing body.