Internal Audit Unit
INTERNAL AUDIT UNIT
The Internal Audit Unit is one of the Units under the Office of the Executive Secretary that undertakes the internal audit functions of the Fund and advice’s Management over control issues.
The Unit is saddled with the responsibility of examining the books and records of the Fund in order to ascertain or verify and report upon the financial and non-financial activities of the organization, aimed at ensuring compliance to extant rules and regulations specified in the Financial Regulations and Circulars issued by government.
The Unit is expected to provide a complete and continuous audit of the accounts and records of revenue and expenditure, assets, allocated and unallocated stores.
FUNCTIONS/DUTIES OF THE INTERNAL AUDIT UNIT
- Undertakes the internal audit functions of the Fund and advice’s Management over control issues.
- Examining the books and records of the Fund in order to ascertain or verify and report upon the financial and non-financial activities.
- Inspections or Examinations of a process or quality system, to ensure compliance to requirements.
- An independent appraisal activity for the review of the accounting, financial and other operations of the organization as a service to Management.
- Provide a complete and continuous audit of the accounts and records of revenue and expenditure, assets, allocated and unallocated stores.
: The following are the main activities of the Unit as relates to its functions and duties;
- Pre-payment audit of all payment vouchers to ascertain authorization, approval, accuracy and proper documentation before passing them for payment. In the period under review, a total
- Post payment audit to ensure payment passed by the Internal Audit is accurately recorded and the right beneficiary is paid.
- Vetting Financial Retirement of all intervention projects from Beneficiary Institutions (BIs) and Issuance of Audit Clearance Certificates.
- Carry out audit checks of all procurements and items received into Store and taking part in physical stock taking activities.
- Carry out routine Internal Audit Checks on internal operations of all TETFund activities and report to the Management on quarterly basis.
- Preparation of Internal Audit- monthly, quarterly, mid-year and annual reports on financial/non-financial activities of the Fund.
- Carry out Special Audit Investigation and organizing Routine Audit Verification Exercise (RAVE) of Beneficiary Dedicated TETFund Accounts Nationwide; and
- Any other duty assigned by the Management of the Fund.
Audit Clearance Certificate:
- Mandatory requirement for disbursement of additional tranche payments to beneficiaries.
- Issued after adequate and satisfactory Financial Returns have been confirmed by the internal Audit.
- Attached to recommendation to the Executive Secretary by the relevant departments (M&E,AST&D or ESS for release of funds.
Basic Requirements For Audit Clearance:
- Formal submission with letter on official Letter Head of the Institution duly signed by the Chief executive or on his behalf.
- Complete Bank Statements for TETFund Dedicated Accounts.
- E-payment Schedules.
- All payment vouchers used to expend money from the Project Account with photocopies of supporting documents such as Contract Award letter, APGs, Contractor’s receipts, SRVs etc.
- Bank Reconciliation Statements.
- Evidence of Remittance of WHT, VAT and Stamp Duty where applicable. (Receipts from Tax Authorities and Bank Statement).