Internal Audit

The audit department is staffed with an Assistant Director-Audit is reportable to the Executive Director. A total of 3 audit staff work in the internal audit department and are based in the Area and Head offices. An internal auditor goes to a branch with a one-week visit plan along with a checklist to ensure compliance with rules and regulations. The auditor examines different aspects of financial management, rules of business, and accounts and administration. The auditor reports on 100% checking of the loan portfolio. He also reports on 100% checking on loan and savings balancing (reconciling the balance with the collection sheet) and program-wise reporting and reports on passbook verification of at least 100 passbooks of 10 Samitys done by the concerned FO, etc. Besides, he reports on fund management concerning cash and banks.

The audited reports are submitted to the Executive Director. These are discussed in meetings at higher levels and asked for clarification if there is any anomaly.

Punitive and corrective measures are taken where necessary. The findings of the auditing guide help the management in making the right decisions for modifying policies, systems, and procedures.

External Audit

The organization conducts an annual audit regularly every year. Reputed audit firms in the country are hired for external auditing. Audit firms are appointed by the General Body for a period of one year.