Head Of Internal Audit Department
LSE is a fully electronic and completely automated stock exchange of Pakistan. LSE is in the phase of demutualization and integration with other exchanges thus Internal Audit function becomes very significant in ensuring that regulations pertaining to all stakeholders including brokers, investors, shareholders, listed members and internal employees are complied with during this phase of transition. Snap shot of major functions includes: • Ascertaining the quality and the level of financial reporting, governance, risk management and internal controls in the Exchange• Determination of compliance with relevant statutory requirements and internally developed policies• Presenting major findings of internal audit reports to BAC, including cases of fraud, bribery, corruption or irregularities of a material nature and management's response thereto• Reporting compliance status of the issues identified in the internal and external audit reports and management comments thereon• Reviewing quarterly, half-yearly and annual financial statements of the Exchange focusing on major judgmental areas (to be specified by Board Audit Committee), significant adjustments resulting from the audit (e.g. write-offs of assets, provisioning etc.), going concern assumption, any changes in accounting policies and practices, compliance with applicable accounting standards, compliance with statutory and regulatory requirements, significant related party and oversee investment activities of LSE;• Ascertaining the effectiveness and adequacy of internal control system and risk management procedures including but not limited to financial and operational controls;• Ensuring effective interaction and communication between External Auditor, Internal Auditor, management and BAC; and• Instituting special projects or other investigations on any matter required by BAC.