The mission of the Internal Audit Department is to provide independent, objective assurance and monitoring services designed to add value and improve the SPO’s processes and operations. The scope of work of the Internal Audit Department is to determine whether the organization’s network of risk management regarding social, political, security administrative management, control, and decision making processes, as designed and represented by management, is adequate and functioning.
To provide for the independence of the function, the Internal Auditor directly reports to the Finance and Audit Committee of the SPO Board of Directors.
The role of internal audit is to provide independent assurance that SPO’s risk management, governance and internal control processes are operating effectively. The objective of internal audit is to assist members of the organization in the effective discharge of their responsibilities. To this end, Internal Audit Department furnishes them with analysis, appraisal, recommendations and information concerning the activities reviewed.
The main functions of the Internal Audit Department are to review the data of all events/ transactions of the organization during the course of operations, to verify these transactions against defined policies as given in the Internal Audit Manual and then to provide review information in the form of a comprehensive internal audit report for the definite period to the Finance and Audit Committee of SPO Board of Directors.
