Internal Audit Division
IntroductionThe Internal Audit Division functions under the direct supervision and guidance of the Director. This division is responsible for independent and objective reviews and assessment of the Institute’s activities, operations, financial system and internal controls adhering to Laws, Circulars, Financial Regulations and provisions of the Establishment Code and to make observations and recommendations to Senior Management.
Head of the Division
Internal Audit Division National Institute of Fundamental Studies Hanthana Road, Kandy (20000) Sri Lanka
When dealing with internal audit functions at the Institute, special attention is given to the following as per Financial Regulation 133 by the Internal Audit Division:
- Ascertaining whether the system of internal controls of the Institution is designed properly and operating effectively in order to prevent, detect and correct misstatements due to error, omission and fraud,
- Ascertaining the reliability of accounting and other records and ensuring that the accounting methods applied by the Institute provides the information necessary for the preparation of true and fair financial statements,
- Appraising the quality of performance of staff in carrying out the responsibilities assigned to them,
- Verifying that the assets belonging to the Institute are safeguarded from losses of all kinds,
- Verifying the adherence of the provisions of the Establishments Code, Financial Regulations of the Government and other supplementary instructions issued from time to time by the Ministry in charge of Public Administration and by the Treasury,
- Carrying out special investigations when necessary,
- Following the guidelines and directions given by the Department of Management Audit from time to time,
- Conducting the quarterly Audit and Management Committee meetings and
- Taking follow up actions and measures to monitor the progress in the implementation of decisions made at these meetings.