Internal Control and Compliance

The Internal Audit Department is placed under the Executive office and is headed by the Manager, Internal Compliance and Control who reports to the Managing Director/Deputy Managing Director. The role of the Internal Audit Department is to assist the management of SMC through independent advice on operations and performance by assessing the effectiveness of Internal Control, Risk Management and Compliance. The audit function aims to add value, improve operational efficiency, economy and effectiveness of management Process, Risk Management and Internal Control Systems.

The Managing Director and the Management Team are responsible for the creation and maintenance of an integrated and transparent set of management system that cover all SMC’s processes and give reasonable assurance that appropriate corporate objectives will be achieved. The internal control framework comprises a variety of individual control mechanisms including policy statements, organizational controls, supervisory methods & procedures, financial controls and review and appraisal of results. They are designed to assist management in the pursuance of its business objectives.

Internal Audit is the process of independent and systematic review of the internal controls of the corporate entity on behalf of its management, whereby it is established that these controls:

  • are complete and self - consistent.
  • are cost effective and efficient
  • safeguard SMC’s resources, both tangible and intangible and promote their effective use.
  • provide and protect the integrity of required records and information
  • comply with applicable laws and regulations
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