Our activities include the application of specific risk based audit procedures, with an objective of determining if funds disbursed by TIA (or any of the previous entities) have been used economically, efficiently, effectively and solely for the purpose agreed to between the TIA (or the previous entities that were inherited by the TIA). Our procedures include (but are not limited to) the following:
- Review the internal control environment and systems of internal control
- Verify and evaluate the use of the public funds by the investment (this includes, but may not be limited to – milestones and deliverables as set out in the contractual agreement being matched with costs, timetables and responsible parties)
- Examine, on a test basis, the evidence supporting the amounts and disclosures in the financial reports and disclosures
- Assess Corporate Governance and other compliance related matters relevant to the applicable laws, regulations and best practice
Investment Audit has implemented a revolutionary, state of the art, paperless and electronic audit management software system. The system provides a streamlined process that aims to increase the efficiency and productivity of the entire Investment Audit process, including:
- Risk assessment
- Task and team scheduling
- Audit planning
- Audit fieldwork execution
- Audit review