Internal audit tasks

Internal Audit tasks

– Financial analysis and measurement of the results of performance indicators.

– Documentary examination to verify the correctness, completeness, tabulation of transactions, their existence and ownership.

- Compliance with external laws and regulations and the extent to which non-compliance with any of the laws or regulations affects the continuity of the company.

- Ensure compliance with internal laws, regulations and instructions, and verify their efficiency and appropriateness.

– Evaluate internal policies and regulations.

– Evaluate the efficiency of the organizational structure and job description, including the tasks and responsibilities in the job structure, and separate conflicting competencies.

– Evaluation of the accounting system.

– Identify deficiencies in any of the above, if any, and propose the necessary means and procedures to remedy them in a way that ensures the protection of the company's funds and property from embezzlement, loss, or manipulation.

• Evaluate the level of achievement of each department of its objectives set and tasks required of it in accordance with its organizational plan, and analyse the reasons for the difference, if any.

• Identify areas of misuse of the facility of its material and human resources, and provide what can be addressed and avoided in the future.

- Provide advice on the preparation of estimated budgets.

- Providing advisory services to the facility to add value to raise the efficiency of the operational process by strengthening internal control systems and developing governance and risk management systems.

- Providing consultations according to the skills of audit management while maintaining its independence and objectivity to train employees to develop and adhere to control procedures.

- Any other services that may be provided without affecting the independence and impartiality of the internal auditor.

• The audit manager must prepare a documented annual plan and approve it by the Board of Directors for the audit task (financial, operational and compliance audit) so that the plan includes objectives, scope, time range and resources required.

• When preparing an internal audit plan, it must be taken into account:

– High risks as well as the means by which the effects resulting from those risks are kept at an acceptable level. (For example, a company working in the field of contracting and has many sites that are changed during short periodic periods, making it difficult to make closed stores for each site and the extent of its impact on the theft of raw materials and the level of acceptance of the administration).

– The objectives of the activity being audited and the means used by this activity to monitor its performance.

– Determine the tasks entrusted to be performed during the review process and the documents and files to be viewed.

– Determine the assigned from the review team and the start and completion time necessary for each task with a clear time frame for the client.

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