The Audit Section provides independent and objective auditing, management advisory, and consulting activities designed to improve operations, ensure compliance and safeguard organizational assets and resources. Through these activities, the Audit Section provides insight and recommendations which often serve as an impetus for improving governance, risk management and management controls. The Audit Section also serves as a liason for external audit organizations, and provides value to governing bodies and senior management as an objective source of advice.
Internal audit activities are governed by the Department of Financial Services' Internal Audit Charter and subject to the Annual Audit Plan. The Annual Audit Plan is based on a formal assessment of Department activities and aligns audit resources to those areas of highest risk.
As part of its consulting activities, the Audit Section has undertaken a long-term, enterprise-wide initiative to improve Department processes. The BPI Initiative is a proactive approach to safeguard the integrity of information and transactions entrusted to the Department through the identification of the Department's core functions, business processes and the risks that are inherent to those processes. The focus of the initiative is to comprehensively review business processes in each division and across the Department to identify possible inefficiencies in the operations and risks to the Department.