The Internal Audit department follows an independent internal audit practices. The department has spread its activity all over the Company's departments and units. The department functions autonomously and reports directly to the Vice Chairman.
The department plays a crucial role in many aspects of the business and aims to achieve the following:
- Ensure that Company's policies and procedures have been taken into operation with major focus on transactions that reflects the financial and administrative implications.
- Ensure that each function of finance, primarily payroll, inventory management, revenue capturing and pricing applications, receivables and payables control and general ledger accounting are in process.
- Ensure that financial books are closed on monthly basis at stipulated dates.
- Communicating with external auditors at corporate level for completion of audits and ensure that recommendations are taken into consideration all over the Company.
- Prepare budgets at unit level and have alignment at corporate level and ensure the proper practice of the budget.
- Report on monthly basis to the Vice-Chairman on significant areas of variances and importance from administrative and financial implication point of view as to ensure that financial results are in alliance with the projections.
- Participate in resources utilization analysis.