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Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. This department helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance.
The objectives of Internal Audit are to assist Management in the effective discharge of their responsibilities by providing an independent appraisal of operations and processes, by identifying weaknesses in control, reporting them to Management and making recommendations for improvements, by ensuring that accepted recommendations are implemented in an effective and timely manner, and, by promoting effective control at a reasonable cost by providing a consultative and advisory service to managers.
Within the KIA and KIO the scope of the Internal Audit Office extends to all investment and financial transactions and the processes supporting those transactions, the operations of the direct investment, the operations of external fund managers, global custodians, and other third parties as far as they concern transactions undertaken for and on behalf of the KIA and KIO, and Administrative and Financial Affairs and the Information Technology Activities.