Internal Audit Department is an independent appraisal function, established within UETCL. It operates as a service to management measuring and evaluating the effectiveness of risk management, control and governance systems.
- Finance & Operations
- Power, Projects & Assurance
Our mandate is to independently and objectively perform audit, assurance, consulting and investigation activities and help the company accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management and internal control systems and processes.
Services provided by the Department
- To conduct regular risk-based audits as approved by the Audit, Risk & Compliance committee of the board with a view of providing assurance to Management and the Board of UETCL. Internal Audit Department also conducts investigative and consultancy/ Advisory services
- To provide information and communication systems for the company in line with corporate objectives.
- To implement an effective risk management system and perform internal Audits of high quality based on a business risk focused approach.
- To provide full coverage of all auditable areas and continuously perform such audits and assignments that will add value to the company.
- Develop an annual audit plan in risks and controls identified by management and Audit Committee.
- Develop an anti-fraud and corruption strategy in accordance with the company policies, laws and regulations.
- Adhere to professional internal auditing standards and constantly up grading with changes in professional practice.
The staff and department are governed in adherence with:
- The institute of Internal Auditors code of ethics
- The International Standards for the Professional Practice of Internal Auditing
- The International Auditing and Assurance Standards Board (IAASB)
- The Institute of Internal Auditors’ (IIA) practice Advisories
- UETCL’s Internal Audit Charter alongside the Internal Audit Department Manual
- The IPPF incorporated a mandatory Code of Ethics to provide the rules of conduct that describe behavioural norms expected of internal auditors, as well as the International Standards for the Professional Practice of Internal Auditing that establish the basis for the evaluation of internal audit performance. The department is hence guided by the Code of Ethics of the Institute of Internal Auditors which communicates to the professional discipline applied in the conduct of our audits
Independence & Objectivity
- The Internal Audit Department is cognizant that Independence and objectivity are integral to the profession of internal audit activity. The department strives to achieve organization independence and objectivity by continuously advocating for freedom from conditions that the department’s ability to carry out its responsibilities in an unbiased manner. As such, internal audit has a direct reporting line to the Board of Directors, and ensures continuous professional development to enable Auditors to continuously update and gain competencies to carry out their work in a professional manner.
Manager Internal Audit