2. Key Task|| Major Activities of INTERNAL AUDIT
The scope of Internal Audit encompasses the examination and evaluation of the adequacy and effectiveness of the organization’s
governance, risk management process, system of internal control structure, and the quality of performance in carrying out
assigned responsibilities to achieve the organization's stated goals and objectives. It includes:
1. Review the reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information;
2. Review financial, accounting, administrative, and information systems established to ensure compliance with policies, plans, procedures, laws, and regulations
which could have a significant impact on the Institute;
3. Review the means of safeguarding assets and verify the existence of such assets;
4. Review the effectiveness and efficiency with which resources are employed;
5. Review operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are
being carried out as planned;
6. Review governance and business risk management processes;
7. Perform consulting and advisory services related to business risk management and control;
8. Report significant risk exposures and internal control issues, including fraud risks, and other matters;
9. Evaluate specific operations at the request of the Audit Visiting Committee or management, as appropriate;
10. Administer the Institute’s Ethics Point Compliance Hotline System and investigate hotline reports of accounting and financial matters;
3. Key Task|| Major Activities of IA (CONT.)
11. Develop detailed yearly audit plan and program; ICMAB Job Distribution 2023
12. Review and check the processes & and internal control system in various departments like purchase, requisition, bill payment, and many
other departmental functions to develop standard operating procedures;
13. Pre-audit the daily transactions;
14. Post-audit the Financial Statements (quarterly, half-yearly, and annually);
15. Prepare internal audit report and submit it to the Council;
16. Conduct internal audit of various departments/sections as directed;
17. Submit Management Report including follow-up report to the Audit Committee;
18. Submit External Audit Report to the Audit Committee for their next course of action;
19. Co-ordinate the activities of the External Audit team; and
20. Any other job as assigned by the Authority from time to time. Reporting to: Executive Director
5. Sl. No. Work(s)/ activity(ies) of 2023
Present Status of work(s)
(Implemented/ Ongoing)
Expected time of
completion
(if ongoing)
1 Review the recruitment & promotion process of employees of the Institute since
2014 with the ICMAB Rules and Regulations.
Implemented
2 Preparation of department-wise valid list of policies and procedures including the latest revision
date.
Implemented
3 Internal audit charter shall be distributed among the committee members immediately for their
review and perusal.
Implemented
4 Preparation of yearly audit plan of the internal audit department and their work progress report
including audit findings and present status of their recommendations and finding.
Implemented
5 Preparation of Fixed asset management, Inventory management and Advances management
policy and procedures/guidelines (process flow, process definition).
E-mail sent to the Head of
Administration in this regard to
prepare such policies.
29th Feb 2024
6 Latest physical fixed assets verification report, physical inventory verification report, and
advances list (name, designation, date of advance and amount of advance, purpose of advance,
comments of relevant department about the recovery measures, disciplinary measures taken
within the service rules or code of conduct etc.).
Communicated with the Head of
Finance and Accounts department
and a format also given to the
department for preparing Advance list.
29th Feb 2024
6. Sl. No. Work(s)/ activity(ies) of 2023
Present Status of work(s)
(Implemented/ Ongoing)
Expected time of
completion
(if ongoing)
7 Statement of income tax and VAT deducted or collected at source and deposited by the Institute in
the financial year 2022-23.
Communicated with the Head of
Finance and Accounts department
and a format also given to the
department for preparing statement of
VAT & TAX.
It will be completed by
29th February 2024
8
Draft annual accounts report of the institute for the financial year 2022-23. Yet to be implemented
As a separate agenda
may be given in the next
audit committee meeting
for discussion.
9 IT Department head will give a presentation about the ERP system. E-mail sent to the Head of ICT
department in this regard.
As a separate agenda
will be taken in the next
audit committee meeting
for presentation.
10 Management Comment on the Management Report of the Institute of Cost and Management
Accountants of Bangladesh for the year ended June 30, 2023.
Management Report including
Management Comments has been
prepared for finalization.
11 Review of the procurement process of goods & services of the Institute over Tk. 5.00 (Five) lac
since 2016.
A draft report has been prepared. It will be completed
within 02 days.
8. Audit Activities Execution
period
Nature of
activity (ies)
Audit duration &
month
Submission
deadline of
draft audit
report
Audit Report
Finalization
Review of procurement process of goods ,
services & works
January-
December
quarterly
1st -20th day in
April, August &
December
By 25th in
each month
Draft audit
report will be
submitted to
the Audit
Review of the recruitment & promotion
process of Employees
yearly
1st -20th day in
January
By 25th in
each month
Committee
meeting for
finalization.
Review of draft accounts of the Institute
half yearly
1st -20th day in
March & September
By 25th in
each month
Review of physical fixed assets verification
report
yearly 1st -20th day in July
By 25th in
each month
Audit Plans for 2024
9. Audit Activities Execution
Period
Nature of
activity
(ies)
Audit Duration &
month
Submission
deadline of draft
Audit report
Audit Report
Finalization
Statement of Advance list & Income TAX & VAT
deducted or collected at source and deposited by
the Institute in the financial year 2023-24
January-
December
quarterly
1st -20th day in
February, June &
October
By 25th in each
month
Draft audit
report will be
submitted to
the Audit
Review of latest physical Inventory verification
report
yearly 1st -20th day in
July
By 25th in each
month
Committee
meeting for
finalization.
Submit Management Report including follow up
report to the Audit Committee meeting. yearly
1st -20th day in
November
By 25th in each
month
Verification of Exemption process of Students
yearly
1st -20th day in
May
By 25th in each
month
Audit Plans for 2024 (cont.)
10. Major Challenges of the Section
ADD/DD : 01
AD/O/AO: 01
OS : 01
1.No supporting employees have been posted in this
department. The head of the Department is doing all types of
work alone.
Organogram:
2. Inventory management software may be developed by the
ICT department of ICMAB.
3. Preparation
11. Major Challenges of the Section
3. WO should be provided by ERP. We need a report on
the Work Order for the verification of bills.
4. Need a policy on Fixed asset management, Inventory
management, and advanced management policy and
procedures/guidelines (process flow, process definition).
