Page 61 - ICD-AR22-English

raised awareness of key risks impacting the organization and provided advice to Management and the Board in developing control solutions.
The function is free from interference from
any element in ICD on matters of audit selection, scope, access to information, procedures, frequency, or internal audit report content.
Its independence is further ensured by functionally reporting to the Audit, Risk and Compliance Committee of the ICD Board.
The function utilizes a risk-based approach
to develop its Annual Audit Plan, which it aligns with ICD’s strategic priorities and objectives, thereby confronting ICD’s most pressing risks. Audit coverage is achieved through channelling audit efforts to business, support, and control functions within the Corporation. In 2022,
the function focused on providing assurance services to ICD’s core business functions but with other critical areas in Human Resources and financial control and reporting also being audited.
OUR PRACTICES
Looking ahead, as part of its continuous improvement processes, the function seeks
to enhance the efficiency of its activities
by upgrading some of its audit systems and evaluating some of its procedures for better efficiency and quality. Internal Audit shall also
be seen not only as an assurance provider,
but also an advisor and strategic partner.
Whilst this requires a sufficient level of trust
and open exchange of timely information,
the function shall ensure that candid dialogue continues to occur, especially when differing views have arisen. With 2023 earmarked for further enhancing the Corporation’s corporate governance, culture, systems and controls,
the Audit team shall, alongside other assurance activities, play an enhanced advisory role to both Management and the Board while ensuring that it remains independent.
7.4 Legal
The Legal function has steadily carried on with
its mandate to support and complement the mission of ICD through the provision of accurate, effective, and efficient and timely legal services that protect ICD’s interests. The Legal Department has also successfully managed all the legal
risks emanating from the operations of ICD
and institutional affairs (internal and external), provided support at the organizational and business unit levels, and advised on all projects, transactions and corporate arrangements of ICD. To further streamline the process for partnership engagement, the Memorandum of Understanding (MoU) has been standardized to ensure minimum legal resource utilization.
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