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Home / Internal Audit Policy

Internal Audit Policy

Official Policy Content

Internal Audit Policy

01

1. Purpose

  1. 1.1 This policy establishes a systematic and organized approach to internal audit to ensure accuracy, reliability, and completeness of financial and operational information, compliance with laws and regulations, and effectiveness of internal controls.
02

2. Scope

  1. 2.1 Internal audit activities shall cover all branches, other places of business, information systems, securities provided for loans including pledged gold jewelry, and other areas deemed necessary by the Audit Committee of Board of Directors.
  2. 2.2 Internal audit activities shall also include control of frauds.
03

3. Audit Committee

  1. 3.1 The Audit Committee of Board of Directors shall oversee internal audit activities.
  2. 3.2 The Audit Committee shall appoint an Internal Auditor who shall be suitably assisted by the Internal Audit Department.
  3. 3.3 The Internal Auditor shall report directly to the Audit Committee.
04

4. Frequency

  1. 4.1 Branches shall be audited at least once a quarter.
  2. 4.2 The Audit Committee may conduct audits more frequently when necessary.
  3. 4.3 Other areas of the Society shall be audited as deemed necessary by the Audit Committee.
05

5. Assistance from External Agencies

  1. 5.1 The Internal Audit Committee may seek help from external agencies, including information system audit firms, forensic audit firms, and other agencies as needed.
06

6. Objectives

  1. 6.1 Ensure accuracy, reliability, and completeness of financial and operational information.
  2. 6.2 Ensure compliance with applicable laws and regulations.
  3. 6.3 Evaluate effectiveness of internal controls.
  4. 6.4 Provide assurance to the Audit Committee and Board of Directors that Society operations are efficient, effective, and in accordance with policies and procedures.
07

7. Fraud Control

  1. 7.1 Internal audit activities shall include control of frauds, and the Internal Auditor shall take appropriate steps to detect and prevent fraud in the Society.
  2. 7.2 This policy is subject to review and revision from time to time by the Audit Committee of Board of Directors.