INTERNAL AUDIT PROGRAM
The Internal Audit Department serves as an independent and objective assurance and advisory function within the Bank. Its primary role is to enhance and protect organizational value by providing risk-based, independent assurance on the effectiveness of governance, risk management, and internal control processes.
The Department operates under Board Audit & Risk Subcommittee approved Internal Audit Charter and reports functionally to the Board Audit & Risk Subcommittee and administratively to the Chief Executive Officer. This reporting structure ensures independence, objectivity, and unrestricted access to all records, personnel, and physical properties relevant to the performance of audit engagements.
Internal Audit coverage extends across all business units, branches, and support functions of HFC Bank.
To maintain independence, Internal Audit staff do not perform operational duties or assume management responsibilities. All audit findings and recommendations are communicated transparently to management, CEO and the Board Audit & Risk Sub Committee.
The Department upholds the highest standards of integrity, objectivity, confidentiality, competencies and exercise due professional care. Through constructive engagement and insight-driven recommendations, the Internal Audit Department:
• Strengthens internal controls
• Enhances risk awareness
• Improves operational efficiency
• Safeguards assets
• Supports sustainable growth
The Department remains committed to fostering a strong control culture and contributing to the Bank’s long-term stability and success.
EXTERNAL AUDIT PROGRAM
The Bank has engaged KPMG as its External Auditor for a term of five (5) financial years, commencing from the 2023/2024 financial year. The appointment was formally approved by the RBF in accordance with applicable regulatory requirements.
KPMG is responsible for conducting an independent audit of the Bank’s annual financial statements and expressing an opinion on whether they present a true and fair view in accordance with applicable accounting standards and regulatory guidelines.
The appointment of KPMG reinforces the Bank’s commitment to transparency, strong corporate governance, and adherence to the highest standards of financial integrity.