Objectives of the Internal Audit Division
The primary objective of the Internal Audit Division is to provide independent and professional assurance on whether the financial, administrative, and human resource operations of the Sri Lanka Tea Board are conducted effectively, efficiently, and in accordance with the objectives of the Board. The Division also supports the Board in ensuring accountability and the achievement of its organizational objectives, while addressing the expectations of its key stakeholders, including the Government of Sri Lanka, tea factory owners, tea estate owners, tea traders, workers in the tea industry, and the general public of Sri Lanka.
The Internal Audit Division assists the Tea Board in achieving its objectives by adopting a systematic, disciplined, and risk-based approach to evaluate and improve the adequacy and effectiveness of risk management, internal control, and governance processes. Accordingly, the key objectives of the Internal Audit Division are as follows:
Evaluation of Internal Controls
To assess whether the internal control systems provide reasonable assurance that the operations of the Head Office and Regional Offices are conducted effectively and efficiently, and that such controls are adequate to support the achievement of the objectives of the Board.
Evaluation of Control Systems and Compliance
To assess the level of awareness of staff regarding established internal control systems and their compliance with such controls, and to evaluate whether the organizational structures, operational processes, and resources utilized by management effectively contribute to achieving the objectives and expected outcomes of the Board.
Assurance on the Reliability of Financial and Operational Information
To evaluate whether the internal controls in place are adequate and effective to ensure the accuracy, completeness, integrity, and reliability of the financial and operational information and activities of the Board.
Evaluation of Legal and Regulatory Compliance
To assess whether the operations of the Head Office and Regional Offices are conducted in compliance with applicable Acts, laws, regulations, Government Financial Regulations, circulars, and other relevant regulatory requirements.
Evaluation of Asset and Information Security
To assess whether the physical and financial assets, data, and information of the Board are properly safeguarded, efficiently managed, and appropriately protected in accordance with established policies, procedures, and applicable requirements.
Evaluation of Compliance with Policies and Procedures
To assess whether the operations of the Head Office and Regional Offices are conducted in accordance with the policies, procedures, guidelines, and other established systems and processes approved by the Board.
Strengthening Risk Management and Corporate Governance
To identify and assess significant risks that may affect the achievement of the objectives of the Board, evaluate the effectiveness of existing risk management and governance mechanisms, and provide appropriate recommendations to management for necessary improvements.
Provision of Advisory Support for Continuous Improvement
To provide management with professional recommendations and advisory support, based on audit observations and evaluations, to improve operational efficiency, effective utilization of resources, internal control systems, risk management, and corporate governance of the Sri Lanka Tea Board.
