Internal Audit Function Sample Clauses

Internal Audit Function. A. Within six months of final approval of the settlement, the Company shall implement an intensive internal audit function. The Internal Auditor, who shall be appointed by the Board and who will report to the Audit Committee at least twice a year, shall monitor the Company's internal control environment, revenue recognition practices and its accounting practices. The Internal Auditor shall be responsible for devising an Internal Audit Plan for each fiscal year which will be presented to the Audit Committee of the Board of Directors. The Internal Audit Plan shall include assessment of the internal controls environment in order to ensure that appropriate financial reporting procedures are in place and being followed by the Company's employees. Appropriate Company operations as dictated by the Internal Audit Plan shall be subject to an internal audit review each year. A written report shall be prepared for each internal audit performed describing the internal audit's findings, opinions and recommendations, if any. As appropriate, after review and comment from potentially impacted operational departments, these written reports (together with any response from potentially affected departments) shall be directed to the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, General Counsel, and the Audit Committee for their review, and, if necessary, remedial action.
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Internal Audit Function. The CONTRACTOR shall establish and maintain an internal audit function responsible for providing an independent review and evaluation of the CONTRACTOR’s accuracy of financial recordkeeping, the reliability and integrity of information, the adequacy of internal controls, and compliance with applicable laws, policies, procedures, and regulations. The CONTRACTOR’s internal audit function shall be responsible for performing audits to ensure the economical and efficient use of resources by all departments to accomplish the objectives and goals for the operations of the department. Further, the CONTRACTOR’s internal audit department shall be responsible for performance of the claims payment accuracy tests as described in Section 2.22.6 of this Agreement.
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Internal Audit Function. Within ninety (90) days of the Effective Date of this Agreement, the Bank shall: (i) establish an internal audit system that implements the internal-audit-related policies and procedures ("Internal Audit Policies and Procedures") required by this Paragraph and (ii) hire an Internal Audit Manager to provide day-to-day management of the internal audit function, it being understood that certain functions may be outsourced. At a minimum, such Internal Audit Policies and Procedures must conform to the standards set forth in section II.B. of Appendix A to the Safety and Soundness Standards at 12 C.F.R. Part 570 and satisfy the following requirements: (a) The internal audit function, managed by the Internal Audit Manager, must report directly to the Board or an Audit Committee thereof consisting solely of "outside" directors, i.e., directors who are not also officers or employees of the Bank. (b) The policies and procedures must assign responsibility for the day-to-day management of the internal audit function to the Internal Audit Manager; (c) On an annual basis, the Board (or Audit Committee thereof) shall establish in writing, and assure the completion of, an internal audit program conforming with industry best practices that, among other things, addresses all of the Bank's operations and departments and sets out a schedule of assignments. The internal audit program shall be designed to determine: (i) Whether the Bank is in compliance with applicable statutes, regulations, and internal Bank policies; (ii) Whether the internal controls system is working properly; (iii) Whether all significant deficiencies noted in internal and/or external audit reports have been or are being corrected by management; (iv) The soundness and adequacy of information systems and of accounting, operating, and administrative controls; (v) The effectiveness of internal policies and procedures; (vi) Whether the Bank is properly reporting to OTS on its Thrift Financial Reports and (vii) The extent to which the Bank's assets are protected against loss. (d) On no less than a quarterly basis, the Internal Audit Manager shall prepare and submit to the Board (or the Audit Committee thereof) a written report of findings from the internal audit function, and the Board (or the Audit Committee) must review and evaluate each such report; and (e) The Board (or Audit Committee thereof) shall: (i) direct Bank management to take appropriate corrective action to address deficiencies identified by the i...
Sample 1
Internal Audit Function. The internal audit function of the Company is carried out by the Group Internal Audit Department (GIA). GIA was established to support the Board, through the Board Audit Committee, to discharge their responsibilities of maintaining a sound system of internal control to safeguard shareholders’ investments, the interest of stakeholders and the Group’s assets. GIA reports functionally to the Board Audit Committee and administratively to the Chief Executive Officer. GIA authority, scope and responsibilities are governed by a Group Internal Audit Charter that was revised and approved by the Board Audit Committee in 2007. GIA’s mission is to provide objective and independent assurance of the Group’s system of internal controls, through the following: • Preparing and implementing a risk based strategic annual audit plan which covers the auditable entities within the organisation. • Reviewing the adequacy and effectiveness of governance, risk management and control processes established by the Group to manage its risks and operations. • Reporting internal control weaknesses and recommending preventive/corrective actions to improve operations, enable accurate reporting, safeguard assets and promote the economic utilisation of resources. • Monitoring the implementation of corrective actions to ascertain their adequacy and ability of the auditable entities to strengthen internal controls in their area of operations. The internal audit function is structured into core and non-core units. The areas of audit coverage includes the functions of governance, risk management and review of controls in the areas of generation, transmission, distribution, procurement, projects, accounting & finance, human resource, information & communication technology and investments in subsidiaries. During the financial year, GIA issued 159 reports arising from the performance of 231 planned jobs, 10 ad hoc jobs and 77 follow-up audits on corrective actions. Out of the 231 planned jobs, 3 were co-sourced with external consultants. The rest were performed in-house by XXX. The co- sourced jobs were in the areas of information and communication technology (2 jobs) and project management (1 job). The co-sourcing of assignments enabled GIA to build up their skills and competencies in the areas co-sourced. GIA is staffed by a total of 84 auditors. The auditors comprise staff with backgrounds in engineering, finance, business, accounting, information and communication technology and quantity survey...
Sample 1
Internal Audit Function. 1. The Company agrees that at least once every three (3) years, the Director of Internal Audit shall conduct a comprehensive review of policies, practices and procedures regarding the Company’s internal audit function, and shall make a report and recommendation to the Audit Committee concerning these policies, practices and procedures.
Sample 1
Internal Audit Function. For a period of three (3) years after the Closing, the SM Parties shall, through their designees on the ID Cayman board of directors (to the extent not prohibited by applicable law of the Cayman Islands), cause ID Cayman to engage an independent registered public accounting firm, which firm shall not otherwise be engaged by ID Cayman with respect to any other matter, to report to its audit committee and oversee the internal audit function of ID Cayman in such role. The audit committee of ID Cayman may waive compliance with this covenant prior to the third anniversary of the Closing at any time that it shall determine that ID Cayman has sufficient internal resources to comply with all applicable Legal Requirements relating to its internal audit function. A-41 Table of Contents
Sample 1
Internal Audit Function o The Committee shall review the Internal Audit function responsible for reviewing and monitoring administrative controls in the accounting, financial and operating functions of the Corporation, and shall make recommendations for improvements to the quality of the overall control system. The Internal Audit function shall operate with maximum objectivity and have direct and unrestricted access to the Committee. The Vice President, Internal Audit shall report directly to the Audit Committee and have dotted-line reporting responsibility to the Chief Executive Officer of the Corporation.
Sample 1
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Related to Internal Audit Function

  • Internal Audit (1) Within ninety (90) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to an independent, internal audit program sufficient to: (a) detect irregularities in the Bank's operations; (b) determine the Bank's level of compliance with all applicable laws, rules and regulations; (c) evaluate the Bank's adherence to established policies and procedures, with particular emphasis directed to the Bank's adherence to its loan policies concerning underwriting standards and problem loan identification and classification; (d) ensure adequate audit coverage in all areas; and (e) establish an annual audit plan using a risk based approach sufficient to achieve these objectives. (2) As part of this audit program, the Board shall evaluate the audit reports of any party providing services to the Bank, and shall assess the impact on the Bank of any audit deficiencies cited in such reports. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article. (4) The Board shall ensure that the audit function is supported by an adequately staffed department or outside firm, with respect to both the experience level and number of the individuals employed. (5) The Board shall ensure that the audit program is independent. The persons responsible for implementing the internal audit program described above shall report directly to the Board, that shall have the sole power to direct their activities. All reports prepared by the audit staff shall be filed directly with the Board and not through any intervening party. (6) All audit reports shall be in writing. The Board shall ensure that immediate actions are undertaken to remedy deficiencies cited in audit reports, and that auditors maintain a written record describing those actions. (7) The audit staff shall have access to any records necessary for the proper conduct of its activities. National bank examiners shall have access to all reports and work papers of the audit staff and any other parties working on its behalf. (8) Upon adoption, a copy of the internal audit program shall be promptly submitted to the Assistant Deputy Comptroller.

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  • Audit Controls a. System Security Review. CONTRACTOR must ensure audit control mechanisms that record and examine system activity are in place. All systems processing and/or storing PHI COUNTY discloses to CONTRACTOR or CONTRACTOR creates, receives, maintains, or transmits on behalf of COUNTY must have at least an annual system risk assessment/security review which provides assurance that administrative, physical, and technical controls are functioning effectively and providing adequate levels of protection. Reviews should include vulnerability scanning tools.

  • Internal Accounting and Disclosure Controls The Company and each of its Subsidiaries maintains internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the 0000 Xxx) that is effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, including that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset and liability accountability, (iii) access to assets or incurrence of liabilities is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate action is taken with respect to any difference. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the 0000 Xxx) that are effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the 1934 Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the SEC, including, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the 1934 Act is accumulated and communicated to the Company’s management, including its principal executive officer or officers and its principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure. Neither the Company nor any of its Subsidiaries has received any notice or correspondence from any accountant or other Person relating to any potential material weakness or significant deficiency in any part of the internal controls over financial reporting of the Company or any of its Subsidiaries.

  • Audit Cooperation In the event either Party is audited by a taxing authority, the other Party agrees to cooperate fully with the Party being audited in order to respond to any audit inquiries in a proper and timely manner so that the audit and/or any resulting controversy may be resolved expeditiously.

  • External Appeals For appeals of a decision that a prescription drug is not covered because it is not on our formulary, please see the Formulary Exception Process in the Prescription Drug and Diabetic Equipment and Supplies section. When filing a reconsideration or an appeal, please provide the same information listed in the Complaints section above.

  • Internal Accounting Controls The Company and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

  • Internal Control Effective control and accountability must be maintained for all cash, real and personal property, and other assets. Grantee must adequately safeguard all such property and must provide assurance that it is used solely for authorized purposes. Grantee must also have systems in place that provide reasonable assurance that the information is accurate, allowable, and compliant with the terms and conditions of this Agreement. 2 CFR 200.303.

  • Safeguards Monitoring and Reporting The Borrower shall do the following or cause the Project Executing Agency to do the following:

  • Sxxxxxxx-Xxxxx; Internal Accounting Controls The Company and the Subsidiaries are in compliance with any and all applicable requirements of the Sxxxxxxx-Xxxxx Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

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