ALAFCO has an Internal Audit function that is commensurate with the size, nature and extent of its business activities. Internal Audit reports to the Board Audit and Risk Committee (ARC) and has unrestricted access to the Chairman of the ARC. A risk based audit approach is followed and the Board Audit Committee approves annual audit plans.
The scope of work of the Internal Audit Function is to determine whether ALAFCO’s risk management, control and governance processes are adequate in terms of their design and functioning effectively.
The Internal Audit Function verifies the adequacy and effectiveness of internal controls from operation, financial and statutory compliance point of view through a blend of process and transactional audits.
A summary of significant observations along with any action plan identified by the management is placed quarterly before the Board Audit Committee for review and guidance.