Charter Organizing Work of the Internal Audit of the Central Bank of Sudan

Charter Organizing Work of the Internal Auditof the Central Bank of Sudan, for 2008

IN THE NAME OF ALLAH THE MOST GRACIOUS, THE MOST MERCIFUL
Charter Organizing Work of the Internal Audit
of the Central Bank of Sudan, for 2008

Pursuant to the provisions of Article (63) of the Central Bank of Sudan Act for 2008, the Board of Directors has issued the Charter the text of which follows :

Title and Commencement

1. This Charter is called "Charter Organizing Work of the Internal Audit of the Central Bank of Sudan, for 2008" and work by the Charter shall commence from the date of its signature :

Interpretation

2. In this Charter and unless the text requires another meaning, the words and expressions cited below shall have the meanings indicated in front of each of them :

• Bank: Means the Central Bank of Sudan.
• Governor: Means the Governor the Central Bank of Sudan.
• Department: Means the Internal Audit Department.
• General Manager: Means the General Manager of the Department.

Application

3. This Charter applies to all directorates, units and installations of the Bank at the headquarters and branches. The executive work which is undertaken by the Staff of the Audit Department is limited to what is being cited in this Regulation and the staff may not execute any accounting operations or confirm them unless these are within the tasks of the Department.

Objectives and Scope
of Work of the Department

4. The objectives and scope of work of the Department shall be in the following manner :
   1. Ensuring that the risks are identified precisely and managed with efficiency and effectiveness.
   2. Ensuring that the interaction between the managerial and executive levels progresses just as planned for, according to corporate governance rules in the Bank.
   3. Harmonizing the essential financial and administrative information and that concerning the operations with confidentiality and high accuracy while ensuring that execution is carried out within the set time framework.
   4. Ensuring consistency of performance of the Bank staff with the policies, standards, adopted procedures, rules and regulations.
   5. Ensuring that the Bank resources are obtained in a thrift manner and utilized efficiently along with securing adequate protection for them.
   6. Achieving the objectives and implementing the plans and programmes of the departments and branches.
   7. Maintaining the quality and developing the operations and procedures of the internal control in the Bank.
   8. Examining and evaluating the adequacy and effectiveness of the internal supervision and control.
   9. Verifying and evaluating the electronic systems.

Tasks

5. Work of the Department is restricted to the following:
   1. Prepare a flexible annual plan founded on enhanced effectiveness of risk management, including the modality for dealing with these risks and activities of supervision and control set by the Top Management. It submits the plan to the Governor for adoption and approval and performs the same for the periodic amendments introduced during the year.
   2. Execute the approved annual audit plan, provided that it includes the extra projects and tasks determined by the Top Management.
   3. Work toward taking in a professional staff in the area of audit who enjoy acquired knowledge, skills and adequate experience.
   4. Evaluate and assess the importance of integrating, standardizing and introducing new services or operations for development or supervision or for improvement of the implementation within or between the Departments.
   5. Preparation of periodic reports for submission to the Governor and the Top Management, summarizing results of the internal audit operations.
   6. Submit reports to the Governor and the Top Management on the applications and the positive developments in the audit operations.
   7. Work toward accommodating the conventional and Islamic standards.

Responsibility

6. The General Manager is directly responsible before the Governor or before whom the Governor may authorize, and that is represented in the following:
   1. Submission of an annual report with respect to the Bank's operations in the areas of control, supervision of activities and increase of efficiency, according to this Charter.
   2. Submission of reports on the major issues that are associated with controlling and monitoring of the Bank's activities at the headquarters and branches when necessary. That includes the recommendation for improving the operations, presenting the information and proposing the solutions.
   3. Submission of periodic reports on the position and results of implementation of the Audit's annual plan and the extent of adequacy of the resources in the Departments.
   4. Coordination and supervision of implementation of the control functions in the Bank (risk management, compliance, security, professional ethics, external auditor).

Autonomy

7. Autonomy of the Internal Audit is represented in the accountability of its staff to the General Manager, accountability of the General Manager to the Governor and in its administrative and organizational independence away from the Bank's other Department.

Powers

8. 1. The General Manager and the employees in the Internal Audit has the right of direct access to and dealing with the records, systems, assets and employees in the Bank.
   2. Work directly with the Governor and the Top Management.
   3. Set the extent of time, elements, scope of audit work, and use of the scientific methods for achieving the audit purposes.
   4. Obtain the necessary assistance from the staff of the departments, branches and sections which are the subject of auditing, along with obtaining specialized assistance from within or outside the Bank.
   5. Neither the General Manager nor the Audit Staff may perform the following:
      1. Execute operations at the headquarters or the branches.
      2. Establish or endorse accounting transactions outside the Audit Department.

I certify that the Board of Directors of the Central Bank of Sudan has ratified this Charter in its session No. ( 3/2008 ) dated 2^nd of Ramadan, 1430H, corresponding 18^th September, 2008AD.