The Internal Audit Department of BRAC and BRAC International (BI) is committed to providing an independent appraisal 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 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
The 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 the Internal Audit Department (IAD) of BRAC and BRAC International:
- The role of internal audit
- The objectives of the Internal Audit Department
- The rules of conduct (as per guidelines of the 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 the Internal Audit Charter of BRAC and BRAC International, you may download the Internal Audit Charter from the following links:
Internal Audit Charter- BRAC
Core Functions of Internal Audit Department
- Formulating and updating the Internal Audit Charter and Internal Audit Manual
- Formulating the audit plan, audit programme, audit guidelines, audit policies, and procedures
- Updating the internal audit system and presenting the same to the Finance and Audit Committee
- Assuring the Finance and Audit Committee and senior management regarding the adequacy and effectiveness of the internal control system, compliance, and risk management; advising on financial and operational risk management, compliance, and internal control matters as required; evaluating the adequacy and effectiveness of existing policies and controls, and providing recommendations for necessary improvement
- Initiating and managing audits (including system audits, continuous/periodic audits, and risk-based audits) to improve operations, help in managing risks, and identify and communicate best practices
- Presenting the most pertinent issues to the Chairperson, Finance and Audit Committee, Executive Director, and top executives in time
- Participating in the Internal Audit Review Management Committee (IARMC) by selecting and presenting issues demanding immediate attention, following up on decisions taken in the IARMC, and informing the IARMC about the implementation status of decisions taken for improving the internal control systems of the respective programme or enterprise
- Presenting the operations of the Internal Audit Department to foreign delegates, external auditors, international auditors, and evaluation teams as required
- Reviewing the application and effectiveness of risk management procedures and risk assessment methodologies across various programmes and activities
- Assisting in the investigation and inspection of significant suspected fraudulent activities and notifying the Finance and Audit Committee or Executive Director