The Performance Assessment of Internal Audit Function Report covers the assessment and review of performance of the internal audit department/ office/ unit within a business entity in terms of the implementation of roles and responsibilities as defined by the board of directors. Such roles and responsibilities encompass reviewing and assessing internal control systems including but not limited to procedures for monitoring and supervising efficiency and effectiveness of internal control systems, comparing the development of risk factors, and evaluation of the executive management performance in implementing the internal control systems.
Pursuant to the corporate governance requirements issued by Capital Markets Authority, listed companies and licensed persons should engage an independent auditor among the auditors registered with CMA to prepare a report every three years covering the review and assessment of internal audit department/ office/ unit; provided that copy of such report should be submitted to Audit Committee and the Board of Directors.
Added value to business entities from Performance Assessment of Internal Audit Function
- Comply with laws, regulations, resolutions and instructions issued by Capital Markets Authority.
- Identify efficiency of internal audit department/ office/ unit performance in carrying out their roles and responsibilities.
- Enhance the performance efficiency of internal audit department/ office/ unit and the business entity as a whole through identifying strengths and weaknesses, and defining performance improvement opportunities.
Services offered by Baker Tilly
Performance Assessment of Internal Audit Function Report
Prepare report every three years on the review and assessment of internal audit function’s performance for KSE-listed companies and companies licensed by Capital Markets Authority.(Reference: Capital Markets Authority, Decision No. 72 of 2015 regarding issuance of Executive Regulations of Law No. 7 of 2010 concerning the Establishment of Capital Markets Authority and Regulation of Securities Business, as amended – Book XV: Corporate Governance, Chapter 6, Article 6.9)