Closing Date:
10 Mar 2022
Expressions of Interest
Background
The Bank intends to engage independent external professionals who will evaluate IADU’s conformance with the International Standards for the Professional Practice of Internal Auditing (the “Standards”) and application of the Code of Ethics, including adhering to internal policy framework of IDBZ and applicable best practices.
Internal audit operations are guided by the Standards which were developed by the Global Institute of Internal Auditing Board (IIA), to which IADU is affiliated. The standards provide a mandatory guidance that, in addition to the Internal Quality Assessment and Improvement Program (QAIP), maintained by the head of audit, an independent external assessment of the internal audit function must be conducted at least once every five years by a qualified, independent assessor or competent assessment team from outside the organisation. IADU has not undergone such independent assessment.
The absence of an independent assessment of the effectiveness of internal audit was raised in stage 2 accreditation review by GCF, and hence, having this exercise conducted may have positive benefits in future financial endeavours. Having the IADU evaluated will also assist the Unit in identifying and closing any gaps so that the function provides quality services to stakeholders and assist IDBZ accomplish its objectives. The assessment will, also, include benchmarking IADU with other audit functions in the industry. Benchmarking results will help IADU to gain an independent perspective about how it performs compared to other audit functions and this enhances the culture of continuous improvement, thereby adding more value to IDBZ.