A. About Us
1. Internal Audit Function
The internal audit department is an independent management function, which involves a continuous and critical appraisal of the functioning of MJQE with a view to suggest improvements thereto and add value to and strengthen the overall governance processes, risk management and internal control system.
To be a trusted and innovative internal audit service provider.
3. Internal Audit Mission
The mission of the internal audit department is to provide the MJQE Board of Directors and Management with an assurance that MJQE performance are maintained at a satisfactory level; that the internal control systems are appropriate, efficient and effective; that risk exposures have been identified and acted upon; and that government legislation and MJQE policies and procedures are being complied with.
4.Principles and Standards of Internal audit
• Conflict of interest the department should avoid conflict of interest at all times. He/ she should maintain an impartial, unbiased attitude, characterized by integrity and an objective approach to work and be constantly conscious of and alert to factors which may give rise to conflict of interest.
• Authority based on the audit objectives and subject to compliance with the internal audit standard, the company should authorize Internal Auditors to have full, free and unrestricted access to all functions, premises, assets, personnel, records, and other documents and information that the internal audit director (IAD) considers necessary in undertaking internal audit activities.
• Confidentiality the department will ensure complete confidentiality of all information pertaining to its work. Information can only be shared internally or externally with the direct authorization of the Founder, Chairman and CEO, or if there is a binding legal requirement for the company. Any instance of breach of this policy can result in disciplinary action up to dismissal of the concerned staff member(s).
• Objectivity and impartiality objectivity and impartiality are vital to the effectiveness of the internal audit function. Objectivity means an unbiased mental attitude and professionalism that allows an internal auditor to perform engagements with no quality compromises. The principle of objectivity imposes on all internal auditors the obligation to be fair and intellectually honest. Objectivity requires the auditors not to subordinate their judgment on audit matters to that of others.
• Professional competence must maintain high standards of competence and professional integrity commensurate with his/her responsibilities and mandated functions. He/she should commit to the highest degree of professional competence, both in the technical and ethical sense, through empowerment and continuing self-development. He/she must possess and continually develop the knowledge, skills and other competencies needed to perform their responsibilities in order to continually enhance the quality of audit. Examples of skills, related knowledge, attributes and other competencies.