1. Audit Portfolio Group
The audit directorates are divided into various sub operational groups under the control of audit managers who report directly to their respective Audit Directorate Directors.
The audit groups are semi-autonomous, though the groups are under the overall control of the Heads of Audit Directorates, in that each group has its own staff and clients. However, for administrative reasons transfers of staff and/or clients between groups will occur when the need arises.
Auditing Procedures
In each group, audit engagements are undertaken by audit teams under close supervision of senior auditors who are reporting to the audit manager. The main tasks of the audit teams are:
- Reviewing the accounting and internal control systems of the entities being audited and determining the nature and extent of audit tests that should be performed.
- Performing transaction and validation tests in order to enable the Corporation form reasonable audit opinion on the financial statements of the entities.
- Preparing working papers as per the standards of the Corporation.
- Compiling audit findings and developing conclusions and recommendations.
- Drafting management letters and auditor’s reports (audit opinion).
The works of the audit teams (including that of the senior auditors) are reviewed by the audit manager at regular interval who is reporting to the director. The reviewed working papers are then submitted to the director for final review. During the director’s review, if significant issues that require the General Manager’s approval or instruction, such as factors which are considered for forming qualified opinion are found, the director submits the draft report to the General Manager. After obtaining the approval of the General Manager, the audit report is signed by the director on behalf of the General Manager and sent to the entity being audited and its supervising authority.
2. Special Services Directorate
This Directorate is one of the recently established units of ASC. It is responsible for handling various non-audit assurance and management consultancy services such as special investigations, due diligence and developing and conducting training programs for clients.
Presently, it is engaged in some non-audit assurance services requested by clients and it is expected to undertake a number of similar assignments in the near future.
3. Professional Practice and Learning Directorate
The Directorate provides leadership and support in order to improve professional services through development, enhancement and implementation of policies, guidelines, methodologies and manuals. Accordingly, the directorate is in charge of quality assurance, in-house training programs including induction courses as well as other staff development tasks.
4. Strategic Planning, Organizational Development and Transformation Directorate
This directorate is organized mainly for the purpose of providing leadership in the development, monitoring and evaluation of ASC’s strategic plan processes.
5. Corporate Service Directorate
In general, the Directorate is responsible for providing leadership and guidelines so as to transform the internal operation of the Corporation as per the strategic plan. The directorate is also in charge of personnel administration (including recruitment) budget and financial management as well as handling procurement and logistics activities. It also handles the Corporation’s Information and Communication services (ICT).
