Description:
Internal Audit Department at PCICL is a one man department. Head of Internal Audit will be responsible for formulation of strategy and polices as well as implementation and execution of same. The major responsibilities includes:
- To develop and implement Internal Audit Charter and Strategy in the organization as per SBP's issued guidelines on Internal Audit Function.
- To prepare Audit Manual including Audit Programs for all Departments.
- Day to day operations in Pak China Investment Company Limited are subject to following rules and guidelines:
- Prudential Regulations
- Code of Corporate Governance
- Service rules of the Company
- Manuals for systems and procedures
- Directives of the Audit Committee
- Financial Powers
- Operational/Capital expenditure budget
- SBP Circulars issued from time to time and as applicable to Pak China Investment Company Limited
Head of Internal Audit, being the third line of defense, will identify any breach of above as part of pre and post audit activities.
- Internal Audit Department, as a part of its strategy for the year will ensure compliance of the following in letter and spirit;
- The decisions taken by the Management are in line with the financial powers, service rules and directives of the Board.
- The systems and procedures spelt out in the manuals have been followed in carrying out various activities/ functions of the company
- The mandatory returns and statements to various agencies including SBP are timely submitted
- All proposals for financing meet Prudential Regulations
- All clauses of Code of Corporate Governance are being adhered
- The expenses incurred are within the budgetary limits
- A detailed scrutiny of the existing systems and procedures is carried out to suggest improvement for further strengthening the system of internal controls
- All receipts and expenditures are subject to hundred percent vouching
- Instances of non-compliance with various guidelines/directives and rules, that the company adheres in carrying out its operations are reported to the Board Audit Committee along with the implementation status of previous reports
- Activities listed in the Annual Audit Plan are executed accordingly
- Follow-up on SBP observations made in their inspection report
- To coordinate with external auditors and SBP Inspection teams for audit related activities.
- To carry out physical verification of fixed assets.
- Investigate alleged, fraud situations, if any.
- Provide consulting, assurance and facilitation service for various functions of the organization.
- Any other activities to be performed in accordance with role and responsibilities of CIA as per Guidelines on Internal Audit Function issued by SBP.