SME corporation launches audit team

THE Small and Medium Enterprise Corporation (SMEC) has launched their Corporate Audit team in Port Moresby.
The audit committee has been created purposely to help the Office of Internal Audits & Compliance in ensuring transparency and accountability in the corporation itself in budgetary investments and usage wise said, Mr Rodney Sumale (Director for corporate affairs SMEc and Officer in Charge to Managing director’s office). Corresponding to the committee launching, Public Sector Audit Program was also presented officially to the SME Corporation by first assistant secretary – Internal Audits &Compliance Mr Tom Tiki.
The launching was officiated 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.
Deputy auditor general Mr Ila said that the national audit committee has been established in 2005 to regulate and ensure that public funds are utilised with purpose so that service delivery reaches the people of Papua New Guinea.
Mr Ila said that, Internal Auditors’ roles encompasses on monitoring, assessing, and analysing organisational 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 organisation’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 organisation.
He also applauded the managing director of SME Corporation Mr Petrus Ralda for establishing an audit team within the corporation itself.
Director of Corporate affairs Mr Sumale assured the office of Internal Audits and Compliance that SMEC is a work oriented governmental organisation and the inclusion of this audit committee is a bonus as SME Corporation continues to assist aspiring entrepreneurs in Papua New Guinea.