Internal Audit Function Overview
The mission of the internal audit function is to strengthen the St. Vincent and the Grenadines Port
Authority’s (Port Authority) ability to create, protect, and sustain value by providing the board and
management with independent, risk-based, and objective assurance, advice, insight and foresight.
The internal audit function is established by the St. Vincent and the Grenadines of the Port Authority’s
Council (Board) and is governed by an approved Internal Audit Charter. The Audit Charter outlines the
purpose, mandate, authority, board oversight, role and responsibilities of the Chief Audit Executive, and
scope and type of internal audit services provided to be performed. The Audit Committee of the Board
of Directors (Council) provides oversight responsibilities. Internal audit works to be a trusted advisor in
the areas of governance, risk management and control environment.
The Internal audit function provides a high level of professional services by following established
professional standards, participating and membership in professional organizations, and ensuring that
auditors have appropriate competency, proficiency and academic background. The function adheres to
the Global Internal Audit Standards ™ (Standards) and SVG Port Authority Internal Audit Policy.
Internal audit conducts assurance audits through a five-phase process which includes selection,
planning, conducting fieldwork, reporting results, and following up on corrective action plans.
Audit projects are selected using a risk-based approach. Internal audit meets with leadership and
management during the development of the annual audit plan to discusses risks and potential
impediments to meeting objectives. This plan is approved by senior management and the Audit
Committee of the Board of Directors.
Each audit requires planning, starting from defining the scope and objective to developing audit steps to
meet the objective. Internal audit conducts an entrance meeting with management to discuss the
purpose of the audit, risk factors, and other logistics. Management is included in the planning phase and
the details are documented.
During the fieldwork phase, internal auditors conduct the steps identified in the planning process. Steps
often include conducting interviews, reviewing laws, policies and best practice, verifying sample
transactions, analyzing data sets, and conducting surveys. Auditors meet regularly with management
throughout fieldwork and discuss the status of the audit, preliminary observations, and potential
recommendations.
Auditors conduct an exit meeting with management at the conclusion of the fieldwork to discuss the
results of the audit, specific findings and recommendations and other observations. Auditors
communicate these to management through an audit observation memo and ask management to
provide a response with a corrective action plan and timeline to implement. These responses are
included in the final report. Management and leadership are provided an opportunity to review drafts
and provide feedback.
All audit recommendations and management corrective action plans are followed up on to provide
assurance that plans are implemented. Corrective action plans that do not appear to be progressing are
reported annually to the Chief Executive Officer, Senior Management and Audit Committee.