Cap. 330 Art. 12BInternal Audit Unit.

(1) It shall be the function of the Internal Audit Unit to examine, evaluate and report upon the adequacy and effectiveness of the governance, internal control and risk management processes of the Authority. To this effect, in addition to any other objectives that may be assigned to it by the Board of Governors or the Audit Committee within the purposes of this article, the Internal Audit Unit shall determine that:

(a) adequate internal controls are in place and operating effectively and efficiently;

(b) risks are appropriately identified and managed;

(c) interaction with the various units of the Authority occurs as needed;

(d) financial, managerial and operating information is accurate, reliable, integral and timely;

(e) the actions of officers and employees of the Authority are in compliance with the policies and procedures of the Authority, and applicable laws and regulations;

(f) resources are acquired economically, used efficiently, and adequately protected;

(g) plans and objectives of the Authority are achieved or are being implemented as planned;

(h) quality and continuous improvement are fostered in the control processes of the Authority;

(i) significant regulatory issues impacting on the Authority are recognised and addressed appropriately.

(2) The Internal Audit Unit shall be composed of the Director of the Unit, and any number of employees as may be required in order to carry out its functions properly.

(3) In carrying out its functions, the Internal Audit Unit shall, as appropriate, apply international best practice guidance and standards and shall adhere to internationally accepted principles of ethics for internal auditors.

(4) For the better performance of its functions, the Internal Audit Unit may audit all parts of the Authority, and shall have full, complete unrestricted access to any records, files, physical properties, electronic data, and personnel of the Authority relevant to the performance of an audit.

(5) Officers or employees of the Authority shall fully cooperate with the Internal Audit Unit in the exercise of its functions.

(6) The Internal Audit Unit shall report to the Audit Committee on the progress made in its area of competence.