The Department is headed by a Director, and supported by three Principal Internal Auditors charged with the responsibility of bringing a systematic, disciplined approach in the evaluation and improvement of the effectiveness of risk management, internal controls, and governance processes in the Bank. The Department liaises with the external auditors and coordinates their activities regarding the audit of the Bank's annual financial statements. Staff in the Department must remain independent from the activities they audit: therefore, the Department reports administratively to the Governor and functionally to the Audit and Risk Committee of the Board, the role and activities of which are defined in the Audit and Risk Committee Charter. The purpose, authority and responsibilities of the Department are defined in the Internal Audit Charter, approved by the Board on an annual basis. The Department assists the Bank in achieving its objective of improving governance and risk management through the enhancement of enterprise-wide risk management and improving operational efficiency in the Bank. Promote the adoption and use of international best practice in corporate governance and accounting and auditing standards.Reduce risk while promoting operational efficiency within the Bank and.Provide auditing services to the Bank's management that are timely, effective and relevant.The mission of the Internal Audit Services Department is to help achieve and maintain sound internal control and governance in the Bank.
INTERNAL AUDIT REQUIREMENTS FOR BANKS PROFESSIONAL
To provide world class internal audit services with the highest standards of corporate governance and professional excellence.' Statement of Legal Authority and Governance.Monthly and Annual Financial Statements.Market Statistics - Money Market Operations.Oversight of the National Payments System.Investigations of Illegal Deposit-Taking Activities.European Central Bank (Financial Stability Review) Promote the adoption and use of international best practice in corporate governance and accounting and auditing standards.The World Bank (Global Financial Development Report).International Monetary Fund (Global FSR World Economic Outlook FSIs).Bank For International Settlements (Committee on the Global Financial System).Regional Consultative Group For Sub Saharan Africa (RCG-SSA).Global and Regional Developments on Financial Stability.History of Exchange Rate Policy in Botswana.Bank of Botswana Savings and Credit Cooperative Society Limited.Information and Communications Technology.