Internal Audit & Compliance Department    

 


Mission Statement


To provide independent, objective assurance and consulting services designed to add value, improve operations and help SBP in accomplishment of its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Vision Statement

To transform Internal Audit & Compliance Department into a modern, efficient, proactive and I.T oriented Department, fully capable to conduct independent audit of all activities of SBP, aiming to add value, improve operational efficiency, risk management and internal control system in line with international best practices, for accomplishment of Bank’s mission.

Introduction of Department

The Internal Audit & Compliance Department examines and evaluates the SBP’s framework of Risk Management, Control, and Governance Processes to ascertain its adequacy and proper functioning.

In addition, the objectives of Internal Audit & Compliance Department include advising and recommending Senior Management for improvements in internal control and Risk Management Systems.

List of Divisions with brief overview:

Internal Audit & Compliance Department consists of the following Divisions / Units:

1. Financial & Operational Audit Division
2. IT Audit Division
3. Quality Assurance Division
4. Compliance Division
5. Support Services Division

The Internal Audit & Compliance Department also conducts audit of National Institute of Banking And Finance (NIBAF) - Islamabad.


Financial & Operational Audit Division

Goals & Objectives:

  • Examine and evaluate adequacy and effectiveness of the internal control systems.
  • Review and ensure accuracy and reliability of accounting records and financial reports.
  • Perform testing of both transactions and functioning of specific internal control procedures.
  • The evaluation of adherence to legal and regulatory requirements and approved policies and procedures.
  • Examine and evaluate effectiveness of existing policies, procedures, and give recommendations for improvements.
  • Identify opportunities for cost savings in Bank operations and make recommendations.
  • Examining that the resources are acquired economically, used efficiently and safeguarded adequately.

I.T Audit Division

Goals & Objectives:

  • Evaluates IT controls and procedures of IT systems and applications used in SBP.
  • Conduct examination of automation of various working areas of the Bank and Management Information Systems.
  • Review I.T Security System based on approved Security Framework, policies and procedures.
  • Co-ordinates and provides an adequate support to Financial and Operational Audit Teams by carrying out IT audit of the computerized business areas.

Quality Assurance Division

Goals & Objectives:

  • On-going Quality Assurance - Review of Audit Reports and Working Papers of each & every audit conducted by different Audit Teams to follow a continuous improvement program of Internal Audit activity.
  • To study and emphasize compliance of best international practices in audit of various functions of SBP.
  • Implementation of IIA Standards in Internal Audit & Compliance Department.

Compliance Division

Goals & Objectives:

  • Obtain and review time bound action plan from the Auditee Departments with regards to compliance of audit recommendations.
  • Prepare and submit a consolidated Compliance Report of audit recommendations.
  • Maintain inventory of audit observations.

Support Services Division

Goals & Objectives:

  • Preparation of Annual Business Plan, Departmental Budget and Variance Reports.
  • Maintain record of imprest account, leaves, audit reports & inward / outward communication.
  • Prepare MIS (Track Reports) on the performance of all Audit Teams.
  • Issue departmental order and arrange departmental meetings.
  • Maintain record of Audit Planning Memoranda issued to Auditee Departments and also follow up the requisite information till start of audit engagement.
  • Consistent follow-up of departmental responses and arranging timely exit meetings.
  • Keep stock of Fixed Assets of the Department.

 


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State Bank of Pakistan
I.I. Chundrigar Road, Karachi, Pakistan.
Phone: 092-021-24450298, Fax: (92-21) 9212440
www.sbp.org.pk