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Project Details

Project Name:

Development Partnership Program for South Asia Project Number 4: Enhancing Internal Audit in Maldives

Republic of Maldives
Project Location within Country:

Professional Staff Provided By Your Company:
No of Staff:

Name of Client:

Ministry of Finance and Treasury funded by ADB
No of Man-Months:

Start Date:

March 2008
Completion Date:

August 2010
Approx Value of Services:

Name of Associated Firm(s) If Any:

No of Man-Months of Professional Staff Provided by Associated Firm(s):

Name of Senior Staff (Project Director/Coordinator, Team Leader) Involved and Functions Performed:

Vas Banschikov - Project Director
John Cotton - Team Leader
Detailed Narrative Description of Project:

As part of the overall modernisation of financial management, the Government of Maldives, Ministry of Finance and Treasury wished to establish an internal audit function. To this end it required a preparation of Strategic Management Plan to use it as the basis for establishing the internal audit function for the Government of Maldives, staff training and development of internal audit programs..

The internal audit division is to provide an independent and objective opinion to the Minister/Financial Controller/Accounting Officer/Management of the Government of Maldives on risk management, control and governance, by measuring and evaluating control and governance effectiveness in achieving the organisationís agreed objectives. Further, the internal audit will also provide an independent and objective consultancy service specifically to help line management improve the organisationís risk management, control and governance

Detailed Description of Actual Services Provided by Our Company:

Focused on the following task:
i. Preparation of Strategic Management Plan to assist the Government in evaluating various management models in establishing the internal audit function including:-(a) central MoFT based; (b) decentralised (auditors) based in Line Agencies; (c) relationship with Auditor General; (d) establishing benchmarks; (e) access/development of audit programs; (f) staff training and (g) reporting. The Strategic Management Plan included Internal Audit Charter, Internal Audit Committee Charter and job descriptions of key staff;
ii. Assisted with the establishment of the organizational structure, institutional framework and operations of the Internal Audit Office. Prepare human resource policies, mandate and any additional legislation requirements, audit and accounting standards to be followed;
iii. Established Pilot audits for staff training and development of internal audit programs and plans;
iv. Prepared corporate plan, including auditor and accounting registration standards, strategic audit plans and time recording system;
v. Prepared comprehensive audit manual based on risked-based auditing and performance auditing methodology;
vi. Established staff training by means of formal training sessions and on-the-job training and implemented new methodologies relating to relevant audit tasks.
vii. Procured computer equipment and installed the hardware and software.

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