USAID Power Distribution Programme organised a workshop on Tuesday to kick-off the new internal audit manual for power distribution companies (Discos). The new internal audit manual shall improve Disco operational efficiencies that will help reduce cost, improve revenue and internal controls by assisting prevention and detection of frauds and irregularities.
Heads of Discos internal audit and Discos' Board audit committee members along with the representatives of international auditing firms attended the workshop. The purpose was to carryout final technical review of internal audit manual and introducing co-sourcing, accepted to all stakeholders.
"Expanding the scope of the internal audit manual and business processes for compliance and internal controls over financial reporting will significantly increase organisational accountability and result in improved revenues and lower costs" Gary Bartlett, Finance expert of the USAID Power Distribution Programme said on the occasion "The introduction of co-sourcing, whereby an external independent audit firm will work alongside the Disco internal audit staff, will provide much needed technical skills, resources, training and independence to the Disco internal audit function" "Our main objective is to assist Discos in improving their performance and efficiency, therefore internal audit manual revision shall help in achieving our objective" Craig VanDevelde, Chief of Party of the USAID Power Distribution Programme said on the occasion.-PR