Internal Audit Department firstname.lastname@example.org
|Name & Designation||Telephone||Fax|
|Mohammad Ahmed AliExecutive Director|
|Md. Ruhul AminGeneral Manager (G)|
Mission and Scope of Work
Internal Audit is to provide independent, objective assurance and consulting services designed to add value and improve the Bangladesh Bank operations. It is to help Bangladesh Bank (the Bank) accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The scope of work of the Department is to determine whether the Bank's network of risk management, control, and governance processes, as designed and represented by management, is adequate and functioning in a manner to ensure:
- 1. Risks are appropriately identified and managed.
- 2. Interaction with the various governance groups occurs as needed.
- 3. Significant financial, managerial and operating information is accurate, reliable, and timely.
- 4. Employees' actions are in compliance with policies, standards, procedures, and applicable laws and regulations.
- 5. Resources are acquired economically, used efficiently, and adequately protected.
- 6. Programs, plans, and objectives are achieved.
- 7. Quality and continuous improvement are fostered in the Bank's control process.
- 8. Significant legislative or regulatory issues impacting the Bank are recognised and addressed appropriately.
- 9. Opportunities for improving management control, profitability and the Bank's image may be identified during audits. They will be communicated to the appropriate level of management.
- Internal Audit Department in the discharge of its duties, shall be accountable to management and the audit committee to:
- 1. Provide annually an assessment on the adequacy and effectiveness of the Bank's processes for controlling its activities and managing its risks in the areas set forth under the mission and scope of work.
- 2. Report significant issues related to the processes for controlling the activities of the Bank and its affiliates, including potential improvements to those processes, and provide information concerning such issues through special reports.
- 3. Periodically provide information on the status and results of the annual audit and inspection plan and the sufficiency of department resources.
- 4. Co-ordinate with and provide oversight of other control and monitoring functions (risk management, compliance, security, legal, ethics, environmental, external audit).
- The General Manager and officers of Internal Audit Department have responsibility to:
- 1. Develop a flexible annual audit & periodical inspection plan using an appropriate risk-based methodology, including any risks or control concerns identified by management and submit that annual audit plan to the audit committee for review and approval as well as periodic updates.
- 2. Implement the annual audit & periodical inspection plan, as approved, including as appropriate any special tasks or projects requested by management and the audit committee.
- 3. Maintain a professional audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of the Charter.
- 4. Evaluate and assess significant merging/consolidating functions and new or changing services, processes, operations, and control processes coincident with their development, implementation, and/or expansion.
- 5. Issue periodic reports to the audit committee and management summarising results of audit activities.
- 6. Keep the audit committee informed of emerging trends and successful practices in internal auditing.
- 7. Provide a list of significant measurement goals and results to the audit committee.
- 8. Assist in the investigation of significant suspected fraudulent activities with the Bank and notify management and the audit committee of the results.
- 9. Consider the scope of work of the external auditors and Government, as appropriate, for the purpose of providing optimal audit coverage to the Bank at a reasonable overall cost.