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“Concerned with the verification of accounting data, with determining the accuracy and reliability of accounting statements and reports”.

The emphasis is on verification of accounting data with a view to report on the reliability of accounting statements.




“Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.  It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes”.

Attributes in an Internal auditor :



-   Independent                        -   Objective

-   Consultant                           -   Add Value

-   Improve                               -   Systematic

-   Disciplined              -   Evaluate

-   Effective



Attributes in an Internal auditor :


He should


   - have diverse knowledge


   - be innovative


   - be a good and creative thinker

He should be able to


    -  access risks, controls, quality, economy & efficiency

   -  assure effectiveness and adequacy of controls

   -  communicate effectively with clarity and accuracy


He should

      -   examine global issues

    -    be up to date on emerging technologies and

         evaluate them.

     -   analyze opportunities

Can be

        -   control expert

      -   efficiency specialists

      -   facilitator / problem solver

      -   trainer

Audit Committee

Board of Directors



Finance Director


Applicable to

          -  all members

       -  all Internal Auditors

       -  individuals & organizations


Integrity :

All Internal Auditors shall perform their work with

   -   honesty

   -   diligence

   -   responsibility

   -    within laws of the land

   -    contribute and respect legitimate

        & ethical objectives of the organization.

Objectivity :

All Internal Auditors will

  -    will not develop relationships that effect  


  -    will not accept gifts that can effect professional


  -    will not participate in any activity that can

       effect objectivity.

  -    be unbiased

  -    be transparent and present all material facts.

Confidentiality :

All Internal Auditors shall

     -   protect all company information

     -   not use information for personal gains.

     -   be prudent in use of information

     -   not use information to the detriment of legitimate &                  ethical objectives of the organization.


Competency :

All Internal Auditors shall ensure that

      -     they have necessary knowledge 

      -     they have necessary skills

      -     they have adequate experience to undertake their


      -     they continually improve their proficiency

      -     they perform in accordance with International






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