Department Details

Internal Audit Department

Goal

To provide independent appraisal of all the activities aiming to add value of CMSF.

Objectives and Scope

The prime objective of Audit Department is to examine and evaluate whether the CMSF’s frame work of risk management, control, and governance processes, is adequate and functioning properly. In addition, the objectives of Audit Department include advising and recommending to the Management for improvements in internal control and risk management systems. In order to fulfill its mission and objectives, audit department’s scope of work includes:

1. Evaluation of adherence to legal and regulatory requirements and approved policies and procedures and give recommendations for improvements;
2. Examination and evaluation of the adequacy and effectiveness of the internal control systems at various operations and activities of CMSF;
3. To review of the application and effectiveness of risk management procedures and risk assessment methodologies at various operations and activities of CMSF;
4. To review of the management and financial information systems, including the digital information system;
5. To review of the accuracy and reliability of CMSF accounting records and financial reports;
6. Testing of both transactions and functioning of specific internal control procedures at various CMSF departments and offices;
7. Identifying opportunities for cost savings and making recommendations for improving cost efficiencies;
8. Examining whether resources are acquired economically, used efficiently and safeguarded adequately;
9. Carrying-out of special investigations assigned by the Board of Governors Audit Committee/Management of CMSF;
10. Precisely, every activity and every entity of CMSF fall within the scope of the internal audit for independent appraisal. The audit department is, however, not allowed to:
11. To perform any operational duties for CMSF outside audit department function;
12. To initiate or approve accounting transactions external to audit department;
13. Direct the activities of any CMSF employee not employed by the audit department, except to the extent such employees have been appropriately assigned to auditing teams or to otherwise assist the internal auditors.