Internal Audit
MISSION
Internal Audit exists to support management and the Board of Directors of National Medical Stores (NMS) in the effective discharge of their responsibilities through value addition.
OBJECTIVES OF THE DEPT
- Assist NMS accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Internal Audit in its objective appraisal of operations and controls will:
- Determine the accuracy and propriety of financial transactions
- Evaluate financial and operational procedures for adequacy of internal controls and provide advice and guidance on control aspects of new policies, systems, processes, and procedures
- Verify the existence of NMS Company assets and ensure that proper safeguards are maintained to protect them from loss
- Determine the level of compliance with NMS policies and procedures, as well as applicable laws and regulations
- Evaluate the accuracy, effectiveness, and efficiency of NMS electronic information and processing systems
- Determine the effectiveness and efficiency of audited entities in accomplishing their mission and identify operational opportunities for cost savings
- Provide assistance and a coordinated audit effort with the external auditors
TEAM COMPOSITION
Chief Internal Auditor, Senior Internal Auditor, Internal Auditor, Office Administrator
ACTIVITIES
Assurance services:
Broadly these services include Financial, performance and quick response auditing. The scope of internal audit department is to determine whether NMS’ network of risk management, control and governance process as designed and represented by management and Board is adequate and functioning in a manner to ensure that:
- Risks are appropriately identified and managed.
- Interaction with the various governance groups takes place as needed.
- Significant financial, managerial, and operating information is accurate, reliable, and timely,
- Employees’ actions are in compliance with policies, standards, procedures, and applicable laws and regulations.
- Resources are acquired economically, used efficiently, and adequately protected.
- Programs, plans, and objectives are achieved.
- Quality and continuous improvement are fostered in the NMS’s control processes.
- Significant legislative or regulatory issues impacting on NMS are recognized and addressed appropriately.
- All National Medical Stores’ activities, policies, procedures, information systems, business activities and staff fall under the internal audit scope.
- Opportunities for improving management control, profitability, and the National Medical Stores’ image may be identified during audits. They shall be promptly communicated to the concerned level of management.
Consulting Activities:
Under this, Internal Auditors act as facilitators, trainers, educators and advisors. Services of Assessment, Facilitation and remediation are performed.
- Assessment services include; assessment of controls in system design, evaluation of proposed changes in the organization for economy, practicability and logical alignment, estimation of savings from outsourced services among others.
- Facilitation services include; guiding management in identifying organization strength and opportunities for improvement such as control self-assessment, benchmarking, business process reengineering support, induction of new employees, performance measurement development and strategic planning support.
- Remediation services include; Guidance in drafting key policies necessary yet not in place such as whistle blower, fraud, risk management framework, code of conduct among others.
ACHIEVEMENTS
- Having an audit software that reduces the amount of hard copies generated during an audit assignment.
- Having an elaborate audit manual
- Having an up dated Internal audit charter
- Having qualified staff
- Having a strategic plan for the department
- Passing externally performed quality reviews in conformance with IPPF standards