Risk Based Internal Audit (RBIA)
Risk based internal auditing (RBIA) as a methodology that links internal auditing to an organisation's overall risk management framework. RBIA allows internal audit to provide assurance to the Finance & Audit Committee that risk management processes are managing risks effectively, in relation to the risk appetite. Under this audit, Internal Audit Department will focus on the risky areas of the internal control systems rather than the total process of a system.
System Audit is one of the latest auditing models which was introduced at BRAC Internal Audit Department in 2016. System Audit is designed to ensure and report to the management about the adequacy and effectiveness of the overall control system already operated and to report for further system enhancement and development.
Information Systems Audit
To pay attention to the need of information security and control as well as information resource and components management, Information Systems Audit has been initiated this year. For this Information Systems Audit Program and Checklists have been developed incorporating Information Systems Audit and Control Association (ISACA) standards and global best practices.
Compliance services helps to identify whether the organisation’s internal and external compliances culture is practiced or not. Following are the compliance services:
- Self audit of programmes through internal control questionnaire (ICQs)
- Regulatory compliance
- Donor compliance
- IT Compliance
- Branding Compliance
Physical verification of inventory, fixed assets and cash
Physical verification of inventory, fixed assets and cash is an important part of the organisation’s internal controls. As a part of periodic requirement, Internal Audit Department conduct an annual physical count of inventories, assets and cash to verify actual quantities, values and amounts.
Internal Audit Department conducts Surprise Audit considering the nature and level of risks as well as assessment of Internal Auditors.
Special Audit/ Investigation
Any special audit and investigation is carried out by Internal Audit Department individually or jointly with the other departments if assigned by Finance and Audit Committee.