Department Description

    The Internal Audit department determines the adequacy of the internal control of the corporation, the effectiveness and efficiency of operational policies, accuracy and reliability of financial information and compliance with the company's standards of business conduct. It tests vendorís compliance to contracts and conducts forensic audits to determine the extent of loss as a result of fraud or malfeasance. The department conducts audits of the various departments of RiverBay Corporation or functions within those departments, making recommendations for improvement in efficiency and control, and the extent of loss, if any. It writes policies and procedures and conducts training classes related to policies and procedure when requested by management. The department develops standardized audit programs for each new policy and procedure and, as requested by management, vendor contracts. It also conducts inventories of numerous stockrooms on an annual basis or more frequently.