Internal Audit Unit
Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The organization Structure of the Ocean Road Cancer Institute has placed the Internal Audit Unit as an independent unit within the Institute where the head of this unit reports directly to the Executive Director. Also the scheme of services explains the posts, qualifications, and duties of each staff member and manning level of the internal audit unit.
The internal audit unit is headed by the Chief Internal Auditor (CIA) who administratively report to the Executive Director (ED) and functionary to the Board of Trustees (BOT). The CIA is assisted by two managers who lead the sections of operational audit and information technology audit.
The internal audit Unit; in its day to day functions at the Ocean Road Cancer Institute offer assurance and consulting services.
Generally; the purpose of internal audit services is to add value by improving operations of the organization. This is done by assisting all levels of management to achieve their objectives through effective discharge of their responsibilities and by providing an independent and objective review and advisory services.
The scope of internal auditing includes; but not limited to the examination and evaluation of the quality of performance in carrying out assigned responsibilities to achieve the organization’s goals and objectives.
Internal audit functions include assessment of adequacy and effectiveness of the organization's governance, risk management as well as evaluation of internal control processes designed by the Management. This is done to ensure that:
1. Risk are appropriately identified and managed.
2. Interaction between various governance processes occur as needed.
3. Significant financial, managerial and operating information is accurate, reliable, and timely.
The Internal Audit Unit has managed to offer its assurance and consulting service to the Management and the Board which added value and improved organization’s operations. This unit has formed its own charter to guide internal audit activities; this document is reviewed annually in order to keep up with current issues in internal audit profession. Also this unit is in a process of forming the audit committee charter as directed by the Board as well as the internal audit manual which was out dated.
4. Employees’ actions are in compliance with policies, rules, standards, procedures, and applicable laws and regulations.
5. Resources are acquired economically, used efficiently, and are adequately protected.
6. Programs, plans and objectives are achieved.
7. Policies, plans, procedures, laws, and regulations which could have a significant impact on the Institute are recognized and addressed properly.
8. Quality and continuous improvement are fostered in the organization’s control process.