Introduction
Internal Audit provides an independent, objective assurance and consulting activity designed to add value and improve operations which helps to accomplish objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, internal control and governance processes.
Function
Internal Audit function of the foundation has a direct reporting line to the Board of Directors at BEF to maintain its objectivity and independence, with an administrative reporting line to Managing Director.
The Internal Audit Section review the data/transactions of the foundation as well as the projects undertaken during the course of operations, verify these transactions against defined policies, conduct the Internal Audit in line with “the International Standards for the Professional Practice of Internal Auditing” and also in accordance with the requirements of “the Internal Audit Manual of the foundation” and provide a comprehensive Internal Audit report comprises of Audit Paras and Recommendations for the definite period to the Foundation BoDs.