Internal audit program
HFC bank’s internal audit function provides independent assurance to the Board of directors and senior management on the quality and effectiveness of the banks internal control, risk management and governance systems and processes, thereby helping the Board and senior management protect their organization and its reputation.
A strong internal control system, including an independent and effective internal audit function is part of sound corporate governance. Banking supervisors must be satisfied as to the effectiveness of a bank’s internal audit function that policies and practices are followed and that management takes appropriate and timely corrective action in response to internal control weaknesses identified by internal auditors. HFC bank’s internal audit function provides vital assurance to a bank’s board of directors and senior management (and bank supervisors) as to the quality of the bank’s internal control system. In doing so, the function helps reduce the risk of loss and reputational damage to the bank.
External audit programs
The company has engaged E &Y as its external l auditors for the period of 2 years, subject to confirmation at the Annual General Meeting and approval by RBF in accordance with Banking Act 1995 and the Companies Act. They have also been the external auditors for the past 3 years.
Other regulatory audit and inspection programs
The onsite and offsite supervision is carried out by the regulator Reserve Bank of Fiji.