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1. PURPOSE:
1.1The purpose of this policy is to establish a systematic and organized approach to the internal audit of the society with a view to ensure the accuracy, reliability, and completeness of the society's financial and operational information, compliance with applicable laws and regulations, and the effectiveness of internal controls.
2. SCOPE:
2.1.The internal audit activities of the society shall cover all branches, other places of business, information systems, securities provided for loans including pledged gold jewelry, and other areas as deemed necessary by the Audit Committee of Board of Directors.
2.2.The internal audit activities shall also include the control of frauds.
3. AUDIT COMMITTEE:
3.1.The Audit Committee of Board of Directors shall be responsible for overseeing the internal audit activities of the society.
3.2.The Audit Committee shall appoint an Internal Auditor who shall be suitably assisted by the Internal Audit Department.
3.3.The Internal Auditor shall report directly to the Audit Committee.
4. FREQUENCY:
4.1.The branches of the society shall be audited at least once a quarter.
4.2.The Audit Committee may, however, choose to conduct audits more frequently as deemed necessary.
4.3.The other areas of the society shall be audited as deemed necessary by the Audit Committee.
5. ASSISTANCE FROM EXTERNAL AGENCIES:
The Internal Audit Committee may seek the help of external agencies, including information system audit firms, forensic audit firms, etc. as needed.
6. OBJECTIVES:
The objectives of the internal audit activities shall be to:
6.1 Ensure the accuracy, reliability, and completeness of the society's financial and operational information.
6.2 Ensure compliance with applicable laws and regulations.
6.3 Evaluate the effectiveness of internal controls.
6.4 Provide assurance to the Audit Committee of Board of Directors and the Board of Directors that the society's operations are being carried out efficiently, effectively, and in accordance with the society's policies and procedures.
7. FRAUD CONTROL:
7.1. The internal audit activities shall also include the control of frauds and the Internal Auditor shall take appropriate steps to detect and prevent fraud in the society.
The above policy is subject to review and revision from time to time by the Audit Committee of Board of Directors of Winners Royal Varsha Credit Cooperative Society Limited.
