1. About Us
Internal Audit Function
The internal audit department is an independent management function, which involves a continuous and critical appraisal of the functioning of MJQE with a view to suggest improvements thereto and add value to and strengthen the overall governance processes, risk management and internal control system.
Vision
To be a trusted and innovative internal audit service provider.
Internal Audit Mission
The mission of the internal audit department is to provide the MJQE Board of Directors and Management with an assurance that MJQE performance are maintained at a satisfactory level; that the internal control systems are appropriate, efficient and effective; that risk exposures have been identified and acted upon; and that government legislation and MJQE policies and procedures are being complied with.
Principles and Standards of Internal audit
Accountability
The Internal Audit Department is accountable to the MJQE in order to:
2. Internal Audit Services
The Audit Process
The audit process is divided into four phases, namely: audit engagement planning, audit execution, audit reporting, and audit follow-up. For each phase, there are specific criteria to ensure a successful audit engagement.
Audit Engagement Planning
Audit requires good planning. Planning entails familiarization with the objectives, processes, risks and controls of the auditee and activity to be audited, and developing a strategy and approach in conducting the audit. The summary of the steps involved in audit engagement planning:
Audit Execution
Execution of the audit is initiated with an entry conference to discuss the focus, requirements and timelines of the audit. It involves performing the audit techniques and procedures enumerated in the audit work program to gather data and pieces of evidence, to achieve the stated audit objectives. The summary of the steps involved in audit execution:
Audit Reporting
Audit reporting represents the culmination of the audit execution and the associated analysis and considerations made during the audit. The audit report sets out the findings in appropriate format; provides the pieces of evidence gathered to arrive at the audit finding, and the recommendations. The summary of the steps involved in audit execution:
Audit Follow Up
Follow-up is a monitoring and feedback activity undertaken to ensure the extent and adequacy of preventive/corrective actions taken by the management to address the inadequacies identified during the audit. It aims to be increased the probability that recommendations will be implemented. The summary of the steps involved in audit follow up:
Types of audits
These services may be performed in conjunction with one of the service areas described below:
Annual Required Engagements
An audit or review performed each year in compliance with regulatory requirements or Board of Governor mandates. In certain instances, to achieve efficiencies, these audits may be performed biannually. A planned engagement will generally be categorized as one or more of the following types of audits:
Full Scope
Consulting Services
Consulting services frequently involve participation on special projects generally related to MJQE process improvement initiatives. Internal Audit participates on these projects in various consultative roles involving the review of internal controls and operational efficiency and effectiveness of the proposed process. Our internal auditors frequently provide a global perspective to the project teams while simultaneously learning the new process and helping to build in quality control proactively in the developmental stages rather than requesting revisions upon implementation.