The internal audit business processes and procedures form a corner stone of the Fund’s governance framework. Internal Audit performs independent appraisals on operations, controls and activities financed by the Fund.
Audit activities are directed particularly at systems and processes of all operations financed by the Fund, both internally and externally and seek assurance that competent and robust systems and processes exist and are being properly applied.
While Internal Audit works in close ties with the oversight functions in agencies to ensure adequate oversight on road maintenance funds, the URF conducts technical and financial reviews on a sample of agencies to provide assurance to the URF Board that funds disbursed are utilised in accordance with the provisions in the work plans, performance agreements and the URF Act.
The URF Board Audit Committee provides functional guidance and oversight on audit matters. The Board Audit Committee coordinates the audit function and acts upon findings in accordance with good governance practice.