The Ministry of Finance is improving its internal control framework with oversight from an internal audit committee (IAC) comprised of senior officials from the Ministries of Finance, Internal Affairs and the Office of the Public Service Commissioner. Committee members include Financial Secretary Garth Henderson, Treasury Operations Manager Russell Hynd, Secretary of Internal Affairs Bredina Drollet and Chief Executive Officer of PSC Daphne Ringi.
The group is responsible for overseeing MFEM’s internal audit function to strengthen the Ministry’s internal controls over revenue collection, expenditure and funds management, that impact on the whole of government.
Key areas of focus for the 2015/16 fiscal year include: payroll controls, projects funded by development partners, expenditure controls and risk management.
The committee will meet quarterly to review the progress of the audit plan and approve areas of focus for the future which include: procurement, asset management, taxation, business continuity and disaster recovery plans and performance.
The internal audit function was outsourced to local company Darling Limited represented by Rory Quirke, in December 2015 through the government tender process.
20 May 2016