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Wapda sets up high power internal audit bodies

LAHORE: Wapda has established high powered central and regional internal audit committees at the Authority level on the pattern of Public Accounts Committee (PAC).

Member (Finance) Wapda Manzoor A Shaikh said in a statement issued here on Sunday.

He said the estbalishment of audit committees will benefit Wapda in improving financial control and enhancing the accountability level by ensuring timely feedback from the field formations and early finalisation of audit observations within a reasonable time.

Central Internal Audit Committee (CIAC) will be composed of Member (Finance) as Chairman, Member (Water) and Member (Power), Chief Auditor/GM (Audit) as Members and Deputy Chief Auditor (SAL) as Secretary, while Regional Internal Audit Committee (RIAC) will be composed of Chief Executives of DISCOs, GENCOs, NTDC as Chairman, Superintending Engineer of the Company concerned as Member and Deputy Chief Auditor as Member/Secretary.

Explaining the terms of reference of internal audit committees, Member (Finance) said the serious cases of non-compliance will be placed before the committee. Respective general managers and heads of divisions will meet periodically on quarterly basis or whenever desired by Chairman of the Internal Audit Committee.

Manzoor A Shaikh maintained that the committee shall be responsible: (I) to ensure Implementation of the decisions of the Public Accounts Committee (PAC), Departmental Accounts Committee (DAC) and the Authority, (ii) To look into serious irregularities relating to fraud, forgery, embezzlements and misappropriation, reported by Internal Audit Division (IAD), Director General Wapda Audit or any other agency, (iii). Recommend disciplinary action against the employees responsible for loss to Wapda. This will not substitute the existing system of inquiries. However, the committee will direct the competent authorities for taking appropriate action in the matter, (iv) Evaluate and govern to strengthen the performance of Regional Internal Audit Committees and (v) To consider any other matter pertaining to evaluation and working of Authority's control and check system, policy procedures and reporting.

Regional Internal Audit Committees will be estbalished on Company basis. It will be mandatory for the committees to meet once in two months. The agenda will be prepared and submitted by respective Deputy Chief Auditors. The committee shall be responsible: (i) To implement the decisions of Public Accounts Committee (PAC), Departmental Accounts Committee (DAC), Authority and the Central Audit Committee, (ii) To evaluate the work of existing review committee for settlement of pending/disputed Audit Notes, (iii) To examine corrective and remedial measures taken in cases of savings/excesses, (iv) In case of dispute, or controversy, seek guidance from Central Internal Audit Committee (CIAC) and (v) Any other issue raised by Central Internal Audit Committee.APP