The mission of internal audit department is to provide independent, objective assurance and consulting services designed to add value and improve the organization’s operations. It helps the organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of control and governance processes.
The scope of work of internal audit department is to determine whether the organization’s network of control and governance processes, as designed and represented by the management, is adequate and functioning in a manner to ensure:
Risks are properly identified.
Interaction with the various governance groups occurs as needed.
Significant financial, managerial, and operating information is accurate, reliable, and timely.
Employees’ actions are in compliance with policies, standards, procedures, and applicable laws and regulations.
Resources are acquired economically, used efficiently, and protected adequately.
Programs, plans, and objectives are achieved.
Quality and continuous improvement are fostered in the organization’s control process.
The chief audit executive (CAE), in the discharge of his/her duties, shall be accountable to the Provincial Government of Misamis Oriental and the Provincial Governor to:
Provide annually an assessment on the adequacy and effectiveness of the organization’s processes for controlling its activities in the areas set forth under the mission and scope of work.
Report significant issues related to the processes for the controlling of activities of the organization including potential improvements to those processes, and provide information concerning such issues through resolution.
Provide information periodically on the status and results of the annual audit plan and the sufficiency of department resources.
Coordinate with other control and monitoring functions (e.g. compliance, security, legal, ethics, environmental, and external audit).