INTERNAL AUDIT POLICY - AHALIA MONEY EXCHANGE & FINANCIAL SERVICES PVT LTD
Though there is no statutory or regulatory requirement for NBFC’s to have an audit policy, the Board of Directors of Ahalia Money Exchange & Financial services Pvt Ltd, as a part of their oversight function considers Internal Auditing as an independent and objective consulting activity designed to add value and improve the company’s operations. Internal Audit assists the company in accomplishing its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the company’s risk management, control and governance processes. The responsibilities of Internal Audit function are defined by this Policy.
The procedure of audit need to be documented for the different streams of activity viz branch operations, other establishments, HO departments, information system etc. Separate Audit manuals should be prepared for all audit streams to facilitate the audit activity.
The objectives of internal auditing are:
The scope of internal auditing encompasses the examination and evaluation of the adequacy and effectiveness of the Internal Control System and the quality of performance in carrying out assigned responsibilities at the organizational, departmental, and functional level. It includes:
ii. The Internal Audit Department will provide advice and assistance to the management, when requested, by:
MANPOWER AND OUTSOURCING
CODE OF ETHICS
Internal Audit staff members are responsible for conducting themselves so that their integrity, objectivity, confidentiality, and competency are not open to question.
Internal Auditors shall:
ACCESS TO INFORMATION
Internal Audit has the authority to audit all functions of the company and shall have full and complete access to all information, programmes, database, records, facilities and personnel relevant to the performance of an audit.
Documents and information given to internal auditors during a review will be handled consistent with company policy and in the same manner as the employees are normally accountable for them.
The division/department or activity under review is to provide full cooperation to the Internal Audit Department.
Where verification of valuables viz, gold ornaments, cash etc are involved there will be no prior intimation of audit to the auditee unit. Even in other cases there may be occasions when audit is planned without prior intimation. The auditee unit shall furnish information to the auditor whenever required.
SCOPE AND CHECKLIST
Scope and checklist for internal audit for the time being is attached as Annexure -1 to the policy. Same may be revised from time to time by Managing Director on recommendation of CEO/CFO.
REVIEW OF THE AUDIT POLICY
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