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Main functions of the Internal Audit Department


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Main functions of the Internal Audit Department

Post by rocky on Wed 15 Aug 2018, 4:30 am

 Main functions of the Internal Audit Department 


The Internal Audit Department will perform its duties from the Central Bank's strategy for the years 2016-2020, in particular "strengthening comprehensive risk-based control systems", "enhancing disclosure and transparency practices" and "developing supervision and supervision sector" .

The department is administratively linked to the governor, and technically to the audit committee, which in turn is associated with the board of directors of the central bank.
The Chamber shall confirm the compliance of all the Central Bank's departments with the laws, regulations, instructions and orders that define its framework and in accordance with its specialties.
Audit the performance of the " Banking Control Department " in terms of license of banks and cashiers, and follow up the safety of their work, through the audit of the office and field inspection, periodic indicators and exceptional internationally and / or by the Central Bank.
Auditing the performance of the Statistics and Research Department in terms of preparing the monetary, banking and financial statistics of banks, money changers and other financial institutions in addition to preparing foreign trade statistics, balance of payments, preparing macroeconomic research and forecasts, relations with Arab, regional and international organizations, And the issuance of periodic reports.
Checking the performance of the Issuer and Treasury Department , in terms of forecasting the needs of the currency issued by their categories, issuing the currency, dealing with the damaged currency, and how to compensate for it, the integrity of the counting process, the reconciliation of the issuing accounts, National and foreign currency, daily cash movement, and periodic and sudden inventories.
Audit of the operations of the Investment Department , including the activities of the "front office", the "middle office" and the "back office", and investment in various bonds in terms of amounts, prices, periodic benefits, re-investment and purchase and storage of gold inside and outside the central bank With emphasis on risk minimization, portfolio diversification, use of asset / liability management, swap contracts, foreign currency sales of the domestic banking system, oil export operations and external transfer of funds.
Audit of the " Department of Financial Operations and Debt Management ", through the follow-up of open market operations, internal lending transactions of banks in the three categories, and auditing the calculation of the mandatory reserve "cash, treasury bills", dinar, dollar, check transactions in the window of sale and purchase currency, In cooperation with the Ministry of Finance, the Ministry of Foreign Affairs, ministries and other relevant bodies, to determine the indebtedness of Iraq to others, and the indebtedness of others to Iraq, and to provide the services required.
Audit of systems and information, their applications, supporting processes, procedures, operating efficiency, internal control procedures, risk analysis and protection of their systems, audit of Payments Department transactions in terms of RTGS transactions , C-ACH system , Retail, and any future developments. Audit of the information and communication infrastructure in terms of strategic planning, systems management and general application control procedures, software service preparation, network and communication management, user documentation, hardware maintenance, network and software, project management, information security, disaster recovery, And any future developments
Audit the transactions of the " Accounting Department ", including auditing the budget and final accounts, the cash balance, current accounts with the Ministry of Finance, government departments, banks and financial companies, and follow up and auditing the accounts of correspondents, in addition to auditing administrative accounts, including salaries, expenses, , Various accounting systems, and branches of the Central Bank.
Audit the work of the administrative department in terms of administrative procedures for human resources, including appointment and promotion, discipline, permanence, vacations, incentives, allowances, identities, formation of committees, inventory of stores, fixed assets, adequacy and effectiveness of provision of administrative services, And effective delivery of technical services.
Auditing the " Legal Department" in terms of safety of establishing and following up foreign cases and internal suits, and providing various consultations and attention to human rights.
Auditing the work of the Center for Banking Studies , in terms of training human resources in internal and external courses, and the completion of dues from the Central Bank and banks, and audit of revenues and expenses.
To manage the work of the internal audit teams and determine their duties, including all departments and branches of the Bank, and to follow up on the performance of its tasks, in compliance with international standards.

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