Closing Date:
11 Mar 2022
Expressions of Interest
Background
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps firms accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
To achieve its objectives and deliver on the audit plan, the IADD aims to improve the efficiency and effectiveness of audits through the automation of its processes. An audit software package will assist in planning, preparation of audit files, review, report generation and storage of working papers into an electronic format and making related outputs accessible to multiple users and stakeholders. We believe the solution will enhance the quality of audits, productivity and cost-effectiveness.
In 2011, the IADD acquired ACL Data Analysis software to increase audit coverage through the analysis of data files, independent of applications that create them. This approach enables deeper data interrogation, extraction, sampling and analysis. In this regard, the IADD is now able to achieve a hundred per cent (100%) verification of data and procedures from the Bank’s computer. It is apparent, therefore, that with greater automated auditing systems, the IADD will be able to interface with other internal digital systems and thus make the audit process more efficient and the containment of the spread of COVID-19 notwithstanding.