Imu
The document discusses the role and responsibilities of the Internal Monitoring Unit (IMU) within the State Bank of Pakistan. The IMU was established to independently monitor all operational transactions and payments at field offices to ensure compliance with manuals, instructions, and regulations. Key responsibilities of the IMU include checking staff attendance, pre-auditing all transactions and expenditures, ensuring compliance with expenditure regulations, and performing assignments given by superiors. The IMU has decision-making authority to conduct certain surprise checks without consultation with superiors and other checks with consultation. The IMU acts as a safeguard against financial, reputational, transaction failure, and fraud risks.
Imu
- 1. Presented by: Muhammad Sarwar Shah MBA (B & F) Sukkur Institute of Business Administration
- 2. Topics to be covered Introduction Common objective Key work areas Main duties and Responsibilities Decision Making Authority Safeguard Against Risks
- 3. Introduction The Internal Audit Units (IAUs) operative at the BSC offices up to 2008-09 IAU went wrong due to overlapping of work with Internal Monitoring Unit (IMU) IAU restructure into Karachi and Lahore Hubs IMU working as an independent Unit at all field offices of SBP after restructuring of IAU
- 4. Common objective Internal Monitoring Unit exit meant for monitoring all operational transactions and payment cases of the Office and that office work is in accordance with prescribed manuals, instructions, circulars issued from time to time and to provide guidelines and recommendations where required
- 5. Key work areas of IMU To check attendance and punctuality of staff of the bank To insure that all transactions, cases and related documents emanating from all Units/Departments are pre-audited Monitor and check all expenditures of the office as per expenditure regulations 1993, SBPBSC (Bank) and prescribed rules.
- 6. Main duties and responsibilities of IMU To arrange periodical checking of Security Badges and uniform/liveries of all eligible staff To ensure that all bills are sanctioned by authorized persons with in prescribed limit To ensure that the expenditure in any head is within budgetary allocation To check preparation of proper salaries of the staff and that necessary changes viz. To ensure compliance of irregularities pointed out by Annual Inspection Team (offices) and provided feedback to Perform any other assignment being assigned time to time by the superiors
- 7. Decision Making Authority of IMU Decision with Consultation : Conduct surprise checks of Note Verification Unit and attendance of Cash Staff in the morning in consultation with superiors. Decision without Consultation : Depute Officials for surprise checks of uniform of Liveries Staff/Security Badges/Attendance of entire Staff of Office/ Movement Registers/Cash Counters and Examination Hall of Treasury (Cash) Division/Prize Bonds Counters e.t.c
- 8. IMU is a safe guard against the Risks Financial Risks Reputational Risks Transaction Failure Risks Fraud Risks
- 9. Thanks