On 19th March, 2020 aninternal audit team from Electricity Generation Company (EGENCO) visited the Central Internal Audit Unit (CIAU)for a benchmarking exercise of the two internal audit functions. The exercise was initiated by EGENCO in a bid to learn and share leading practice in internal auditing from Central Government.
Key areas of the benchmarking exercise included the development and use of internal audit policy documents such as the newly reviewed Internal Audit Manual, the Government Internal Audit Charter, the Audit Committee Charter and the Internal Audit Service Strategic Plan (2016/2021). The team also appreciated CIAU’s efforts in modernising Government Internal Auditing through use of audit management software, data analytics tools and continuous auditing of Government’s financial transactions. The team was also briefed on the structure of internal auditing function in Government, its interaction with key stakeholders including independent audit committees.
The benchmarking exercise provided useful insights to both internal audit functions in realizing leading practices in their respective functions.