The NatPharm Internal Audit function was brought about due to the need to give systematic and disciplined guidance to NatPharm as a parastatal which is wholly owned by the Government of Zimbabwe. The authority of the department is derived from the Internal Audit Charter which is in compliance with the Institute of Internal Auditors (IIA) guiding principles. NatPharm, among other statutes and regulations, is expected to follow guidelines set by the Public Finance Management Act (22:19), Public Entities Corporate Governance Act (10:31) and The Governance Framework for State Enterprises and Parastatals of November 2010.
The department is manned by professionals who provide independent, objective assurance and consulting services designed to add value and improve an organization’s operations. The internal audit function helps an the company to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management (2120), control (2130), and governance processes (2110) as guided by the Institute of Internal Auditors (IIA) Standards. The function derives its independence from reporting functionally to the Board’s Audit and Legal Committee.
- Financial and compliance audits;
- Operational efficiency audits;
- Special reviews and investigations;
- Information technology audits;
- Systems implementation reviews;