The scope of the Internal Audit will be to:
a. Develop a risk-based annual internal audit plan in consultation with the Board/Audit Committee and senior management.
b. Conduct financial, operational, compliance, and performance audits across all departments of MISFA.
c. Identify weaknesses and gaps in internal controls and provide actionable recommendations.
d. Ensure compliance with laws, regulations, and internal policies.
e. Monitor the implementation of audit recommendations and track progress.
f. Assess the adequacy and effectiveness of internal controls, risk management, and governance systems.
g. Ensure the efficient and effective use of resources.
h. Follow up on the implementation of External Audit and previous Internal Auditors’ recommendations.
i. Ensure maintenance of financial and other key records.
j. Ensure management of fixed assets.
k. Ensure expenses are incurred in accordance with the established procedures.
l. Ensure Petty cash is managed as per the finance manual.