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Examples of Internal Controls Points for Cash Handlers:

  • Personal funds should never be mixed with change or petty cash funds
  • Transactions should always conclude with the issuance of a sequentially numbered and, if possible, system generated receipt
  • Cash and checks should always be physically secured
  • Personal loans should never be made using change or petty cash funds
  • Deposits should be reviewed by an employee who was not involved in the cash collection process
  • Discrepancies in deposits should be brought to the attention of management immediately
  • Receipts should only be issued after the transaction is complete and all cash/check/other funds have been collected
  • Checks should be restrictively endorsed when received
  • Proper identification should always be verified when accepting checks 
Contact Information  
Mailing Address:



P.O. Box HM 3136
Hamilton HM NX
Bermuda


Physical Address:



12 Wesley Street
4th Floor,
Hamilton HM 11
 

Telephone:

(441)294-9750

Fax:

(441)295-3277

Email:

internalaudit@gov.bm

Hours of Operation: 9:00 a.m. - 5:00 p.m.
Mandate  

Internal Audit (IA) provides independent and objective assurance and consultative services regarding risk management, controls and governance processes of financial, operational and information systems, and other relevant matters within the Government of Bermuda.

The Department of Internal Audit is governed by the Internal Audit Act 2010.

Internal Audit Department- An Overview  

Responsibility: We're in this Together!  

If you are selected for an audit, do not feel singled out. Being selected for an audit does not necessarily mean that we think you are doing something wrong. The Department of Internal Audit has the right to examine all ministries /departments or quangos to ensure:

  1. public funds are adequately safeguarded and are used as intended;
  2. public funds are used economically, effectively and efficiently;
  3. risks are appropriately identified and managed;
  4. financial, managerial and operating information is accurate, reliable and timely;
  5. the auditee's actions are in compliance with policies, standards, procedures and the law; and
  6. plans, goals and objectives of the auditee are capable of being achieved

All information furnished by you during the course of any internal audit shall at all times be treated by the Department as confidential and shall be used by the Department solely for the purpose of carrying out the internal audit. The Department takes this requirement very seriously. If you have any questions about confidentiality, please do not hesitate to discuss them with us.

Everyone has some level of responsibility for internal control. The level will vary depending on your role. If you suspect an irregularity or system deficiency concerning Government money or property contact the Director of Internal Audit at internalaudit@gov.bm and the Accountant General Department.

Internal Controls  

What are Internal Controls?

A system of internal control consists of policies and procedures put into place to keep Ministries and Departments on course toward achievement of its mission and to minimize surprises along the way.

Internal control is a process, effected by an entity's board, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

  • Effectiveness and efficiency of operations
  • Reliability of financial reporting
  • Compliance with applicable laws and regulations

Several key points should be made about this definition:

  1. Internal control is a process.
    It's a means to an end, not an end in itself.

  2. Internal control is effected by people at every level of a department.
    Internal control is, to some degree, everyone's responsibility. Within the Bermuda Government the accounting officers is primarily responsible for, and will be held accountable for internal control in their ministries/departments.

  3. Internal control can provide only reasonable assurance -- not absolute assurance -- regarding the achievement of a department's objectives.
    Effective internal control helps a department achieve its objectives; it does not ensure success. Effective internal control is a built-in part of the management process (i.e., plan, organize, direct, and control). Internal control keeps a department on course toward its objectives and the achievement of its mission, and minimizes surprises along the way.

    Internal control promotes effectiveness and efficiency of operations, reduces the risk of asset loss, and helps to ensure the reliability of financial reporting and compliance with laws and regulations.