Internal Audit Charter SBP Final

kpmg State Bank of Pakistan Internal Audit Charter This document contains 7 pages Internal Audit Charter (SBP) Final.doc State Bank of Pakistan kpmgInternal Audit Charter Contents 1 INTRODUCTION 1 2 MISSION STATEMENT 13 OBJECTIVES AND SCOPE OF WORK 1 4 AUTHORITY 2 5 RESPONSIBILITY 3 6 ACCOUNTABILITY 4 7 INDEPENDENCE 4 8 CONTINUITY AND IMPARTIALITY 5 Internal Audit Charter (SBP) Final kpmg State Bank of Pakistan Internal Audit Charter 1 INTRODUCTION This charter primarily aims to define and establish: ?? The formal mission statement of audit department of State Bank of Pakistan (SBP). ?? The objectives and scope of audit department. ?? The audit department’s position within SBP, its access to various records, departments and activities, its responsibility and accountability. 2 MISSION STATEMENT To provide independent appraisal of all the activities of SBP aiming to add value, improve operational efficiency, risk management and internal control systems. 3 OBJECTIVES AND SCOPE OF WORK The prime objective of audit department is to examine and evaluate whether the SBP’s frame work of risk management, control, and governance processes, is adequate and functioning properly. In addition, the objectives of audit department include advising and recommending senior management for improvements in internal control and risk management systems. In order to fulfil its mission statement and objectives, audit department’s scope ...