Internal Audit Department is another key department of the organization holding the responsibilities of internal control, auditing, checking out procedural compliances and standard accounting practices and it is headed by a Joint Director.
Auditing System of PDBF
PDBF has a transparent management system. To ensure the proper implementation and management of activities, organization should observe the quality and accuracy of it through a third eye. Auditing procedure of PDBF works as the third eye of the organization. Two types of audits are conducted by the organization. These are as follows:
1. Internal Audit
2. External Audit
Internal audit is conducted by the internal audit team. Though internal audit team is guided by the Joint Director, it works independently. There are five types of internal auditing system existing in PDBF. Steps of Internal Audit:
Internal audit can be function in some steps. These are as follows:
External Audit is conducted by the government recognized audit farm. Generally the head of the organization are audited by the external audit farm. Sometimes the external audit is situated by government audit.
The auditing issues are as follows:
1. Office Management.
2. Group Management and
3. Accounts Management
Frequency of Auditing:
Annually both external and internal audit
-Midterm audit is conducted on specific project
-Final audit is also conducted in the case of completion of specific project.