Objectives of Establishing an Internal Audit Department in Events Tech:

1. Review of Accounting and Internal Control Systems:
   • The internal audit department will be responsible for reviewing the design and operation of the company’s accounting and internal control systems. This includes monitoring the effectiveness of these systems through risk assessment and detailed testing, and recommending cost-effective improvements. Ensuring robust controls helps prevent fraud, errors, and inefficiencies within the organization.
2. Examination of Financial and Operating Information:
   • The internal audit department will review the means used to identify, measure, classify, and report financial and operating information. This includes performing specific inquiries into individual items, such as testing transactions, balances, and procedures. Accurate financial reporting is crucial for decision-making and maintaining stakeholder confidence.
3. Review of Compliance with Laws, Regulations, and Policies:
   • The internal audit function will assess the organization’s compliance with external laws, regulations, and internal policies. This ensures that Events Tech operates within legal and regulatory frameworks and adheres to its own standards and procedures, reducing the risk of legal penalties and reputational damage.
4. Assessment of Economy, Efficiency, and Effectiveness (Value for Money Audit):
   • The internal audit department will evaluate the efficiency and effectiveness of the company’s operations. This includes ensuring that resources are used economically and that processes are optimized for maximum output with minimal waste, thereby enhancing the overall value for money.
5. Safeguarding of Assets:
   • Internal audit plays a critical role in ensuring that the company’s assets are adequately safeguarded. This includes verifying that appropriate measures are in place to protect physical and intangible assets from loss, theft, or misuse. Protecting assets is essential for maintaining the company’s financial health and operational stability.