Annexure 24

  1. exercises should aim to ensure that the acquired assets exist and are being used for the right purposes. The auditor may conduct physical verification of assets on test basis as may be deemed necessary.

 The auditor is expected to obtain and satisfactorily document sufficient audit evidence to support audit conclusions.

4. Period, Timing and sample coverage of Internal Audit -

The Internal Audit will be conducted on a quarterly basis. The auditor will draw up an audit plan for each quarter at the beginning of the financial year in consultation with the management. The audit plan in a year should indicate sample coverage at each level of implementation. That is PCU,  PIU - AGRI. MKTG, NIPHT, PIU-Agri, ATMAs, VANAMATI, PIU-AHD, Director of Marketing, DDRCS (For APMC, RH, FCSC) The sample coverage at each level should be more at the beginning which could be fine-tuned later based on implementation experience.
 Reporting :

  1. Quarterly  Reporting :   Internal audit reports containing the following elements should be submitted to the Audit Committee on a quarterly basis:

  1. The objective and scope of the internal audit

  2. A summary of the internal auditing procedures performed

  3. The internal auditor’s opinion as to the overall adequacy of the systems of internal control and its implementation.

  4. Key management issues. The internal auditor should provide an Executive Summary highlighting the critical issues which require the management’s attention and the status of actions on the previous recommendations

  5. Detailed internal audit findings of each unit audited, with adequate descriptions of weaknesses identified and the associated impacts and risks

  6. Appropriate and reasonable recommendations  to address the identified weaknesses;

  7. A separate, brief summary of the findings on review of procurement aspects Procurement Manual, Financial Management Manual and Annual Work Plans.

  8. Responses to findings and recommendations by authorized persons stating the timeline for remediation and the person responsible

The report should be discussed and agreed with the

Dept/Cell: 
Finance