Central Bank of Swaziland

Internal Audit Department

Effectively, internal auditors serve the Bank as its corporate conscience as they champion operational effectiveness and efficiency.

The Internal Audit Department assists and supports the Bank in meeting its objectives and goals by advising and making recommendations to Management, the Board of Directors and the Board Audit and Risk Committee.

Internal Audit advises Management on the adequacy of the system of internal controls and the effectiveness of the Risk Management process.

Internal Audit’s process is formally documented and approved, and the audit approach is aligned with IIA standards and practice advisory such as Quality Assurance Reviews.

The Internal Audit department uses the Risk Based Audit approach and is comprised of, planning, fieldwork, reporting and follow-up. All is based upon the Central Bank’s Risk Assessment results which lead to audit conducting various types of tests and concluding on the adequacy of the control system and building process.

The Internal Audit Department helps the Bank accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Definition and Philosophy:

“To be a world class Internal Audit Department that displays all the facets of the Institute of Internal Auditors. Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing in a systematic, disciplined approach to evaluate and improve the effectiveness of Risk Management, Control and Governance processes.”

Strategic Objectives:

  1. Promote strong governance, leadership and organisational effectiveness.
  2. Promote and uphold professional standards (IFRS and Internal Auditing Standards, International Accounting Standards (IAS))

Central Bank of Swaziland
Mahlokohla Street
Mbabane, Swaziland (H100)
Tel: [+268] 2408 2000
Fax: [+268] 2404 0063
Email: info@centralbank.org.sz