Internal Control

Internal Control (3)

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Internal audit

Internal Audit Department of BRAC and BRAC International(BI) is committed to assist BRAC and BRAC International by providing an independent appraisal within BRAC and BRAC International to determine the appropriateness, soundness and adequacy of the organisations' accounting, financial and operational controls. These appraisals provide information and recommendations to stakeholders. In addition to the formal and regular audits, we are happy to answer questions and give advice regarding specific policies and procedures and act as consultants on internal controls.

We hope this site will provide you with helpful information regarding the Internal Audit Department and our functions. Please feel free to contact us if you have any questions, suggestions, or comments.

 

Internal Audit Charter

Internal Audit Charter provides the framework of internal audit procedures in BRAC and BRAC International. This has been approved by the Chairperson of BRAC and by the Finance and Audit Committee of BRAC. The Charter primarily aims to define and establish the following elements for Internal Audit Department (IAD) of BRAC and BRAC International:

  • The role of Internal Audit;
  • The objectives of Internal Audit Department;
  • The rules of conduct (as per guidelines of Institute of Internal Auditors);
  • The scope, authority, responsibility and accountability;
  • Reporting;
  • Independence and Professional standards;
  • Continuity and impartiality;
  • Quality assurance and improvement programme for Internal Audit

To know more about internal audit charter of BRAC and BRAC International, you may download the Internal Audit Charter from the following link:

Internal Audit Charter- BRAC
Internal Audit Charter- BRAC International

 

Core Functions of Internal Audit Department

  • Formulating and updating internal audit charter, internal audit manual;
  • Formulating audit plan, audit programme, audit guidelines, audit policies and procedures;
  • Updating internal audit system and present the same to the Finance and Audit Committee;
  • Assuring the Finance and Audit Committee, and Senior Management regarding the adequacy and effectiveness of internal control system, compliances and risk management. Advising on financial and operational risk management, compliance and internal control matters as required, evaluating adequacy and effectiveness of existing policies and controls and giving recommendation for necessary improvement;
  • Initiating and managing audits (both system audit, continuous/ periodic audit and risk based audit) to improve operations, help in managing risks, identify and communicate best practices;
  • Presenting most pertinent issues to the Chairperson/ Finance and Audit Committee/ ED/ Top Executives in-time;
  • Participating in internal audit review management committee (IARMC) by selecting and presenting issues demanding immediate attention, follow-up of decisions taken in IARMC and informing IARMC about the implementation status of decisions taken for improvement of internal control system of the respective programme or enterprise at large;
  • Presenting the operations of internal audit department to foreign delegates, external auditor, international auditor and evaluation team as required;
  • Reviewing the application and effectiveness of risk management procedures and risk assessment methodologies of various programmes and activities;
  • Assisting in investigation and inspection of significant suspected fraudulent activities and notify the Finance and Audit Committee/ED.

 

Contact

If you have any question, suggestion, comment or need further assistance, please feel free to contract -

Office of Director
Internal Audit Department, BRAC and BRAC International
BRAC Centre
75, Mohakhali, Dhaka-1212, Bangladesh
Tel: 880-2-9881265, Fax: 880-2-8823542
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Internal audit staff Information

Internal audit department of BRAC and BRAC International is headed by the Director, Internal Audit. With professional experience of more than 15 years in internal control system, assurance, accounting, compliance management, risk management, income tax and legal affairs, Director ensures the delivery of responsibilities that IAD of BRAC and BRAC International has been entrusted with.

Currently IAD is empowered with a total of 327 permanent staff of which 263 works under BRAC and 64 works under BRAC International. Most of IAD staff has professional accounting and auditing background. A considerable number of senior officials of IAD are members of professional bodies like ICAB, IIA, ACCA and ISACA.

 

Information

BRAC

BRAC International

Total no. of staff

263

64

No. of staff with professional accounting and auditing background

147

21

Staff with one or more membership of professional bodies from the following:

19

15

        Institute of Internal Auditors (IIA, USA)

        Institute of Chartered Accountants of Bangladesh (ICAB)

        Institute of Chartered Accountants of Pakistan (ICAP)

        CPA (Uganda)

        CPA (Tanzania)

        Association of Chartered Certified Accountants (ACCA)

        ISACA

      Institute of Chartered Secretaries of Bangladesh (ICSB)  

11

2

-

-

-

2

2

2

4

1

1

3

2

4

-

-

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Internal audit services

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
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
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.

Surprise Audit
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.