Internal Audit

MINISTRY OF PETROLEUM RESOURCES

INTERNAL AUDIT MANDATE

         The Internal Audit is a managerial control which functions by measuring and evaluating the effectiveness of internal control system in the Ministry. Its mandate is;

  1. Supervision and co-ordination of the Internal Audit Department activities.
  2. Review of the accounts and records of revenue and expenditure, assets, allocated and unallocated store.
  3. Examination of the system and the procedures in force in the collection, custody and disbursement of public funds including the issue and consumption of stores unit.
  4. Submission of detailed annual audit programme to the Accountant-General of the Federation and Permanent Secretary.
  5. Submission of monthly and quarterly audit report to the Permanent Secretary, the Accountant-General of the Federation and Auditor-General of the Federation.
  6. Issuance of special reports to Permanent Secretary and other relevant agencies when necessary.
  7. Submission of quarterly audit inspection of the Agencies supervised by the Ministry to the Permanent Secretary.

INTERNAL AUDIT DEPARTMENT MANDATES/FUNCTIONS

a).       The Internal Audit department is essentially responsible for complete and continuous audit of accounts and records of revenue and expenditure, assets, Allocated and Unallocated stores, where applicable.

b).       Examination of the system and the procedures in force in the collection, custody and disbursement of public funds including the issue and consumption of stores unit.

c).       Its function also includes management audit that covers other areas of activities and functions of the ministry with regard to economy of operation, efficiency and effectiveness.

d).       The Internal Audit department is to carry out 100% prepayment audit of all checked and passed vouchers and ensure they are forwarded under security schedule to the central pay office for payment.

e).       The department ensures periodic checks of all government Statutory Corporations, Commissions and Agencies under the Ministry.

f).        The department produces Monthly, Quarterly, Half-yearly and Special reports to the Accounting Officer on the progress of the Audit with copies to the Accountant General of the Federation and Auditor- General for the Federation.

g).       Appraisal/Evaluation of the Internal control system in place to safeguard federal assets in the Ministry for the detection of errors through periodic audit of records of transactions in all Departments to monitor efficiency, effectiveness and value for money.

h).       Any other adhoc assignments and special audit given by The Permanent Secretary of the Ministry.         

Share This