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MONITORING & AUDIT

Internal Audit


IDF established independent Internal Audit Team in 2000 with a view to maintaining and improving the quality of work of its Microfinance and other programs. The Team is consisted of 7 members headed by a Deputy Coordinator. The Team is responsible directly to the Executive Director for their work.

The team members visit branches, area, central coordination and head offices to examine the books of accounts, various registers, loans and savings, collection sheets, various ledgers and collection sheets with the records and pass books of members. The team also examines the utilisation of loans by the members.

The team corrects the mistakes and errors at branch level if possible. For mistakes and errors, which are not possible to correct at the branch, one-month time is allowed to correct them and report to the Executive Director. For wilful minor mistakes, administrative measures are taken while for misappropriation major action like dismiss from the job is taken.

As of December 2014, all 75 branches, areas and Central Co-ordination Office have been audited by turn. The internal audit was found to be a very fruitful tool for maintaining and improving the quality of work.