Photo credit: SME Corporation Facebook Page
A Corporate Audit Team had been recently launched and put in place by The Small and Medium Enterprise Corporation (SMEC) in Port Moresby. SMEC’s Director for Corporate Affairs, Rodney Sumale said the audit committee has been created purposely to help the Office of Internal Audits & Compliance in ensuring transparency and accountability in the corporation in terms of budgetary investments and utilization.
The launching was officiated and witnessed by Deputy Secretary for Finance and Support Services Mr. Samuel Penias, and Deputy Auditor General, Mr. Lemecki Ila who represented the Internal Audits & Compliance committee. Mr. Ila said that Internal Auditors’ roles encompasses on monitoring, assessing, and analyzing organizational risk and controls; as well as reviewing and confirming information and compliance with policies, procedures, and laws.
“Working in collaboration with SMEC management, the national internal auditors will provide the board, SMEC audit committee, and executive management assurance that risks are mitigated, and that the organization’s corporate governance is strong and effective and when there is room for improvement, we make recommendations for enhancing processes, policies, and procedure,” he said.
He added that financial reports and statement compilation are of high significance therefore, it must be substantiated and submitted on time so that all fiscal activities are well censored, and trust is maintained within functionality of the organization.
Mr. Ila said that the national audit committee has been established in 2005 to regulate and ensure that public funds are utilized with purpose so that service delivery reaches the people of Papua New Guinea. He also applauded the managing director of SME Corporation, Mr. Petrus Ralda for establishing an audit team within the corporation itself.
SMEC’s Director of Corporate affairs Mr. Sumale assured the office of Internal Audits and Compliance that SMEC is a work oriented Governmental organization and the inclusion of this audit committee is a bonus as SME Corporation continues to assist aspiring entrepreneurs in Papua New Guinea.
In relation to the to the Audit committee launching, The Public Sector Audit Program was also presented officially to the SME Corporation by the First assistant secretary for the Internal Audits & Compliance committee Mr. Tom Tiki.
