INTERNAL AUDIT POLICY

1. Purpose

The purpose of this Internal Audit Policy is to establish guidelines and procedures for conducting internal audits within the Coalition of Inclusive Tech Businesses COITB. Internal audits are essential for assessing the effectiveness of our internal controls, risk management processes, and compliance with applicable laws and regulations.

2. Scope

This policy applies to all departments, programs, and activities within COITB. It covers the planning, execution, reporting, and follow-up of internal audit activities.

3. Objectives

• To provide independent and objective assurance on the adequacy and effectiveness of COITB's governance, risk management, and internal control processes.
• To identify areas of improvement and recommend corrective actions to enhance organizational performance and compliance.
• To promote transparency, accountability, and integrity in COITB's operations.

4. Independence and Objectivity

Internal audits will be conducted by qualified and independent personnel who are free from conflicts of interest. Auditors will maintain objectivity and impartiality throughout the audit process.

5. Audit Planning

Audit planning will be based on a risk-based approach, considering the significance and complexity of COITB's operations, as well as regulatory requirements. The audit plan will be approved by [Designated Authority/Committee] and periodically reviewed and updated as necessary.

6. Audit Execution

Auditors will perform audits in accordance with professional standards and COITB's policies and procedures. Audit procedures may include interviews, document reviews, observation of processes, and testing of controls. Auditors will exercise due professional care and discretion in gathering and analyzing evidence.

7. Reporting

Audit findings, conclusions, and recommendations will be documented in audit reports. Reports will be clear, concise, and supported by sufficient evidence. Management will be provided with an opportunity to respond to audit findings and proposed recommendations. Final audit reports will be issued to [Designated Authority/Committee] and relevant stakeholders.

8. Follow-up and Monitoring

Management is responsible for implementing corrective actions in response to audit recommendations within agreed-upon timelines. The Internal Audit function will monitor the implementation of corrective actions and report on the status of outstanding issues to [Designated Authority/Committee].

9. Confidentiality and Access to Information

Auditors will maintain the confidentiality of audit information and exercise discretion in handling sensitive data. Access to audit documentation will be restricted to authorized personnel only, and information will be disclosed only as required by law or with appropriate consent.

10. Compliance

COITB's Internal Audit activities will comply with relevant laws, regulations, and professional standards. Any deviations from this policy must be approved by [Designated Authority/Committee].

11. Review and Revision

This policy will be reviewed periodically to ensure its effectiveness and relevance. Amendments may be made as necessary with the approval of [Designated Authority/Committee].

12. Communication and Training

This policy will be communicated to all relevant personnel within COITB. Training on internal audit processes, procedures, and expectations will be provided to auditors and other stakeholders as needed.

13. Responsibility

The [Designated Authority/Committee] is responsible for overseeing the implementation and adherence to this Internal Audit Policy.