Page 21 - NIB Annual Report 12-13 | 13-14

7. Microsoft Excel- Intermediate Level (Compliance, Accounts, Audit, Investment, Supervisory & Management. Facilitated by: Mr. Deveraux Malcolm of Data Management Technologies Ltd.
• Grand Turk- January 28, 2014
• Providenciales- January 29, 2014
8. Compliance Training (Nahshon Braithwaite)- Conducted by: SCO
• Providenciales- November 2014
Long Service Awards - 15 Years of Service • Dorean Williams
• Rhesa Cartwright
Spotlight of Internal Auditing in the NIB
The Mission of the Internal Audit Department of the NIB is to provide independent, objective assurance and consulting services designed to add value and improve the operations of the Board.
Internal audit will help the NIB to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of internal controls, risk management, compliance and governance processes.
Internal auditing will assist management and the board in identifying, avoiding and mitigating risks and fraud.
The internal auditing function is charged with the responsibility for ascertaining that the ongoing processes for controlling operations throughout the organization are adequately designed and are functioning in an effective manner.
The Department is responsible for reporting to management, the audit committee and the board of directors on the adequacy and effectiveness of the organization’s systems of internal control, together with ideas, counsel, and recommendations to improve the systems.
The scope of the internal auditing function is laid out in broad terms as
follows:-
• Reviewing the reliability and
integrity of financial and operating information and the means used to identify measure, classify, and report such information.
• Reviewing the system established to ensure compliance with those policies, plans, procedures, laws and regulations which would have a significant impact on operations and reports, and should determine whether the organization is in compliance.
• Reviewing the means of safeguarding assets and, as appropriate, verify the existence of such assets.
• Appraising the economy and efficiency with which resources are employed
• Reviewing 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.
The Internal Audit Department also reports to the Audit Committee. The Audit Committee of the Board is a mandatory committee of the Board of Directors, and included in its role and responsibilities are overseeing, monitoring, and evaluating the duties and responsibilities of the internal audit function. The committee is also responsible for determining that all
major issues reported by the internal auditing department, the external auditor and other outside advisors have been satisfactorily resolved. It is also responsible for reporting to the full board all-important matters pertaining to the organization controlling processes.
The work of the Internal Audit Department is based on an annual plan which will be agreed and endorsed by the Audit Committee. The plan is risk based which assist the Internal Audit department to determine the priority of the areas to be audited. The Internal Audit Department is also pursuing greater use of technology for continuous auditing and systems audits against the more traditional statistical sampling methods. In addition to the Audit Committee, the work of the internal audit department is evaluated by Board of Directors of the NIB, the Government, National Audit Office, and the Government Internal Audit Department , through their oversight of statutory bodies by legislation.
The Internal Audit Department of the National Insurance Board calls for three persons, however it currently consists of two: the Internal Auditor who is also the head of the department and one staff auditor.
2013 & 2014 ANNUAL REPORT | 17