The Internal Audit Department is responsible for providing assurance regarding the effectiveness of the Fund’s internal control, risk management, governance process, financial and non-financial performance management system to the management and the Board Audit Committee of the Board.
The responsibility over the management of risk, control and governance processes remains with the Chief Executive Officer. Manager, Internal Audit report to the Board Audit & Risk Committee and administratively to the Chief Executive Officer.:-

The functions of the department are as follow: –

(i)  Formulate and coordinate implementation of Internal audit policies and strategies;
(ii)  Develop a flexible annual audit plan using Fund risk assessment, including any risks or control concerns identified by the management and submit that report to the Board Audit & Risk Committee for review and approval
(iii)    provide reasonable assurance through the Board Audit & Risk Committee on the state of risk management, control and governance within the Fund;
(iv)    Review and evaluation of budgetary performance, financial management, transparency and accountability mechanisms and processes in the Fund;
(v)   Issue quarterly reports to the Chief Executive Officer and the Board Audit & Risk  Committee summarizing the results of the audit activities
(vi)   Serve as secretary to the Audit & Risk Board Committee;
(vii)  Conducting risk-based, value-for-money and systems audits aimed at strengthening internal control mechanisms that could have an impact on achievement of the strategic objectives of the Fund;
(viii)   Verifying the existence of assets administered by the Fund and ensuring that there are proper safeguards for their protection;
(ix)   Manage the implementation of the annual audit plan as approved, including as appropriate any special tasks or projects requested by management and the Audit Committee or the Board of Directors;
(x)  Review Financial Statements and prepare a report on their accuracy and present it to the Board Audit & risk Committee before submission to Office of Auditor General.
(xi)  Review the effectiveness of the financial and non-financial performance management system;
(xii)  Manage the performance of the  Internal Audit team.
(xiii)  Perform consulting services beyond internal audit’s assurance services to assist management in meeting its objectives.
(xiv)  Assist in the investigation of significant, suspected fraudulent activities within the Fund and notify management and the Audit Committee of the results.