Vision

Our vision is to ensure the transparency of all the accounts under the institution and to assist the Board of Directors through the Audit and Compliance Committee (ACC) carry out its duties and responsibilities.

Mission

To add value to the organization by helping improve the organization’s operations – through independent and objective assurance and consulting activities designed to: (1) safeguard company assets and protect its corporate interest; (2) help the subsidiary and departments within the organization accomplish the objectives through effective control, risk management; and (3) improve operational efficiency.

Functions & Responsibilities

In order to fulfill its mission and vision statement, the Audit Department’s scope of work includes:

1. The examination and evaluation of the adequacy and effectiveness of the internal control systems at various operations and activities of Group and Departments.
2. The review of the application and effectiveness of risk management procedures and risk assessment methodologies at various operations and activities of Group and Departments.
3. The review of the accuracy and reliability of accounting records and financial reports.
4. The testing of both transactions and functioning of specific internal control procedures at various Group and Departments.
5. The evaluation of adherence to legal and regulatory requirements and approved policies and procedures. The evaluation of effectiveness of existing policies and procedures and gives recommendations for improvements.
6. Identifying opportunities for cost savings and making recommendations for improving cost efficiencies.
7. Examining those resources are acquired economically, used efficiently and safeguarded adequately.
8. The carrying-out of special investigations assigned by the Audit and Compliance Committee and President.
9. Precisely, every activity, department and office falls within the scope of the internal audit for independent appraisal. The Director and staff of audit department are, however, not allowed to:
   • Perform any operational duties outside audit department function.
   • Initiate or approve accounting transactions external to audit department.
   • Direct the activities of any Group and Department’s employee not employed by the audit department, except to the extent such employees have been appropriately assigned to auditing teams or to otherwise assist the internal auditors.