{"id":222,"date":"2025-06-25T04:28:17","date_gmt":"2025-06-25T04:28:17","guid":{"rendered":"https:\/\/development.webmediaclients.com\/hfc-new\/?page_id=222"},"modified":"2026-01-29T09:31:08","modified_gmt":"2026-01-28T21:31:08","slug":"audit-programs","status":"publish","type":"page","link":"https:\/\/development.webmediaclients.com\/hfc-new\/index.php\/audit-programs\/","title":{"rendered":"Audit Programs"},"content":{"rendered":"

[vc_section full_width=”stretch_row” el_class=”grad1″ css=”.vc_custom_1755051489935{margin-top: 40px !important;padding-bottom: 30px !important;}”][vc_row][vc_column][vc_column_text css=””]\"\"<\/p>\n

INTERNAL AUDIT PROGRAM<\/span><\/h2>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]HFC Bank\u2019s Internal Audit (IA) function, which is independent of all other departments functions, has been established in order to assist the Board of Directors and executive management in achieving their objectives; by providing them with reasonable assurance regarding the quality and effectiveness of the Bank\u2019s internal control, risk management, governance systems and processes, thereby helping the Board and senior management protect the Bank and its reputation.<\/p>\n

HFC Bank has adopted a risk management and internal control structure, referred to as the \u201cThree Lines of Defense\u201d, to ensure it achieves its business needs while meeting regulatory and legal requirements and its responsibilities to shareholders, customers, regulators and staff. HFC Bank\u2019s internal audit department\u2019s role as the 3rd<\/sup> line of defense is independent of the 1st<\/sup> and 2nd<\/sup> lines of defense. In cases where Internal audit department performs similar testing or monitoring activities to those undertaken by the 1st<\/sup> or 2nd<\/sup> lines of defense, these are undertaken as part of Internal audit departments independent assurance role and are not to be relied upon by management as a substitute for, or supplement to, 1st<\/sup> or 2nd<\/sup> line of defense activities.<\/p>\n

As a vital component of good corporate governance, an in\u2013house Internal Audit function has been established by HFC Bank Board Audit Risk Sub\u2013Committee (i.e. Internal audit department derives its authority from Board Audit Risk Sub Committees, which is a subcommittee of the Board of Directors of HFC bank). HoA&I reports functionally to the Chairman of the BARSC and reports administratively to the Bank\u2019s CEO.[\/vc_column_text][vc_column_text css=””]HIFC Bank internal audit function is govern by HFC Bank\u2019s Internal Audit Charter, Internal Audit Policy and Procedure documents.<\/p>\n

HFC Banks internal audit departments overall objective is to evaluate the:<\/p>\n

    \n
  • effectiveness and efficiency of internal controls, risk management and governance systems in the context of both current and potential future risks;<\/li>\n
  • reliability, effectiveness and integrity of management information system and processes (including relevance, accuracy, completeness, availability, confidentiality and comprehensiveness of data);<\/li>\n
  • monitoring of compliance with laws and regulations, including any requirements from supervisors (RBF) and<\/li>\n
  • safeguarding of assets.<\/li>\n<\/ul>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1754971691547{padding-bottom: 20px !important;}”][vc_column][vc_column_text css=””]\"\"<\/p>\n

    EXTERNAL AUDIT PROGRAM<\/span><\/h2>\n

    [\/vc_column_text][vc_column_text css=””]The company has engaged KPMG as its external auditors for the period of 5 years effective from financial period ending June 2019, subject to confirmation at the Annual General Meeting and approval by RBF in accordance with Banking Act 1995 and the Companies Act.[\/vc_column_text][\/vc_column][\/vc_row][\/vc_section]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

    [vc_section full_width=”stretch_row” el_class=”grad1″ css=”.vc_custom_1755051489935{margin-top: 40px !important;padding-bottom: 30px !important;}”][vc_row][vc_column][vc_column_text css=””] INTERNAL AUDIT PROGRAM [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=””]HFC Bank\u2019s Internal Audit (IA) function, which is independent of all other departments [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":-1,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-222","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/development.webmediaclients.com\/hfc-new\/index.php\/wp-json\/wp\/v2\/pages\/222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/development.webmediaclients.com\/hfc-new\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/development.webmediaclients.com\/hfc-new\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/development.webmediaclients.com\/hfc-new\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/development.webmediaclients.com\/hfc-new\/index.php\/wp-json\/wp\/v2\/comments?post=222"}],"version-history":[{"count":10,"href":"https:\/\/development.webmediaclients.com\/hfc-new\/index.php\/wp-json\/wp\/v2\/pages\/222\/revisions"}],"predecessor-version":[{"id":2675,"href":"https:\/\/development.webmediaclients.com\/hfc-new\/index.php\/wp-json\/wp\/v2\/pages\/222\/revisions\/2675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/development.webmediaclients.com\/hfc-new\/index.php\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/development.webmediaclients.com\/hfc-new\/index.php\/wp-json\/wp\/v2\/media?parent=222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}