Objective: 1.
The financial and operating records and reports contain accurate,
reliable, timely, complete and useful information; and control over
record keeping and reporting are adequate and effective;
2.
The compliance with policies, plans, procedures, laws and regulations
which could have a significant impact on operations and reports and
should determine whether the organization has complaint with them or
not;
3.
Thorough examination of records and statements pertaining to the
Projects undertaken by IDB-BISEW, the auditor shall perform sufficient
work in order to satisfy;
4.
The means of safeguarding assets will be evaluated to assess the risk
of losses from theft, fire, improper activities and exposure to elements
of nature and also verify the existence of assets.
Scope of Work:
The internal audit work should specifically cover the following areas:
i) Responsible to work with the Executive Committee and through the
Executive Committee to the Committee of Mutawallis to ensure that a
system is in place to identify and analyze overall financial internal
control of the institution, internal control structure and set-up;
ii) Internal Auditor to submit quarterly report to the Executive Committee;
iii) Prepare a yearly audit plan to be approved by the COM according to which the audit is to be carried out;
iv) Prepare a comprehensive written report following each audit;
v) Verify the continuing adequacy and applicability of all approved policies, plans, procedures, laws and regulations;
vi)
Overall review of economy, and the management of cash and other assets;
vii) Provide COM with an appraisal of suitable investment of surplus
funds;
viii) Oversee reconciliation, profit earned timeliness/delays in banking transactions.
ix)
Disbursement procedures: Procedures for the approval and authorization
of disbursements, policy/practice on advances and payments.
x) Utilization of the fund: Monitoring of the utilization of the fund schemes and sub-projects.
Compliance
with the project documents the IDB-BISEW financial rules and
regulations, relevant government regulations and any other formal
guidance. Accounting and budgetary control: Appropriateness of
accounting records, reconciliation to quarterly reports issued to
IDB-BISEW office as well as banking records. Review of the budgetary
process and certification of payments for availability of funds.
xi)
Monitoring and reporting: Monitoring of income and expenditure against
budgets and forecasts, financial reporting to the project management.
xii)
Compliance with regulations: Compliance with Government regulations and
terms and conditions on the generation and utilization of funds. xiii)
Audit arrangements: Follow up of past audit findings and specific
external reviews.
xiv)
Project reporting: Accuracy and timeliness of quarterly, half-yearly
and annual reports to IDB, reporting to government and committees.
