Internal Control

Internal Control (5)

Tuesday, 11 August 2015 00:00

Internal Control: Audit Coverage

 

  • In 2014, Internal Audit Department covered 14,329 Cost Centres* of different programmes in Bangladesh although it was 13,596 in 2013.
  • Internal Audit Department of BRAC International covered 1,851 Cost Centres of different programmes in International Countries where as it was 1,577 in 2013.
 
* Cost Center means where cost incurred and Reported separately (Programme -wise)

 

Tuesday, 11 August 2015 00:00

Internal Control: Staff Information

  • Internal Audit Department of BRAC and BRAC International has been directly monitored by Director, Internal Audit. He assists the management by providing independent advice on operations and performance by assessing the effectiveness of Internal Control, Risk Management and Governance Process. He has more than 13 years of working experience in Internal Control System, Assurance, Accounting, Compliance Management, Risk Management, Income Tax and Legal Affairs.
  • Internal Audit Department of BRAC has more than 350 staffs both in Head Office and Divisional Offices. About 44% staffs are from Chartered Accountancy Firm. In addition to that most of the senior staffs hold managerial roles are also the member of Institute of Internal Auditors of Bangladesh (IIAB).
  • Internal Audit Department of BRAC International has also more than 70 staffs both in Head Office and Country Offices. About 30% staffs are from different Professional Bodies. Country Offices staffs covers both expatriate and local.
  • In addition to Director, Internal Audit, Internal Audit Department of BRAC and BRAC International have now three Chartered Accountants those who have vast knowledge on Internal Controls.

 

Tuesday, 11 August 2015 00:00

Internal Control: Internal Audit Charge

Charges of Director, Internal Audit

Director, Internal Audit reports to Finance and Audit Committee for overall function of       Internal Audit. However, for administrative purpose he reports to Executive Director.

Core Functions 

  • To provide Finance and Audit Committee and Senior Management with assurance as to the adequacy and effectiveness of the system of Internal Control, Compliances and Risk Management. The role is part of the overall Internal Control, Compliances and Risk Management environment established by Senior Management and the Board.
  • To achieve these objectives, the Director, Internal Audit will provide strategic direction and leadership in the areas of Internal Audit.
  • To formulate policy, Internal Audit Charter, Internal Audit Manual, Audit Techniques, Audit Guidelines, Audit Programme to update the Internal Audit System and present to the Finance & Audit Committee.
  • To advise on financial, operational, risk management, compliance and internal control matters as required; evaluate effectiveness of existing policies and give recommendation for improvement.
  • Responsible for initiating and managing audits, the results of which will help the operations manage risks, improve or develop efficient and effective processes, identify and communicate best practices, and foster appropriate control levels.
  • To oversee the administration of Internal Audit Department.
  • Present core issues to the Chairperson/Finance & Audit Committee/ED/Top Executives in a timely manner.
  • Present to Foreign Delegates, External Auditor, International Auditor and Evaluation Team about the activities of Internal Audit Department, Internal Control System and Risk Management and provide information as required.
  • Review the application and effectiveness of risk management procedure and risk assessment methodologies of various programmes and activities.
  • Assist in investigation and inspection of significant suspected fraudulent activities and notify Finance & Audit Committee/ED/MD.
  • Develop and maintain relationships with divisions and senior management to ensure appropriate communications and timely oversight.
 
Tuesday, 11 August 2015 00:00

Internal Control: Internal Audit Charter

This Charter provides a framework for the conduct of Internal Audit in BRAC and has been approved by the Chairperson, BRAC and the Finance and Audit Committee. This Charter primarily aims to define and establish:

  • The Role of Internal Audit Department (IAD) of BRAC.
  • The objectives and scope of IAD of of BRAC.
  • The Internal Audit Department’s position within BRAC, its access to various records, departments and activities, its responsibility and accountability.
  • This Internal Audit Charter has been prepared as per Guidelines of IIA(Institute of Internal Auditors)

 

Download Internal Audit Charter [PDF]

 

Tuesday, 11 August 2015 00:00

Good Management Practices: Internal Control

Since inception of BRAC Management has been performing the self checks and monitoring on the operations of BRAC. In 1986 the Internal Audit Department (IAD) was formed. The Internal Audit Department is responsible for Internal Audit activities in both Local and International operations.  Internal Audit Department of BRAC has been providing quality Internal Audit services by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of the Risk Management, Internal Control and Governance Process. IAD have also been assisting at all levels of management in effective discharge of their responsibilities through analysis, evaluations, findings and recommendations.

The role of the Internal Audit Department is to assists the management of BRAC by providing independent advice on operations and performance by assessing the effectiveness of Internal Control, Risk Management and Governance Process. The audit function aims to add value, improve operational efficiency, economy and effectiveness of management Process, Risk Management and Internal Control Systems.

Download Internal Audit Department Organogram
Download Internal Audit Department - BRAC International Organogram
Download Internal Audit Charter
Download Internal Audit Charter, BRAC International
Download Finance and Audit Committee TOR - BRAC
Download Finance and Audit Committee TOR - BRAC International

If you have any question or need further assistance, please feel free to contract:

Nanda Dulal Saha FCA
Director, Internal Audit
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.