Questionnaire

Name

First Name

Last Name

Department/Office

Email

Select Questionnaire

A comprehensive tool designed to assess the internal controls, processes, and procedures within TAWADA to ensure compliance and efficiency

1. Internal Audit Structure & Independence

Tawada Limited currently have an internal audit department, how many people are in the audit function?

To whom does the internal auditor report?

FM

CEO/GM

Audit Committee

Is there a written internal audit charter that defines scope, authority, and responsibilities?

Yes

No

upload internal audit charter

Maximum file size: 516MB

How is auditor independence from management ensured?

What qualifications or experience do internal audit personnel possess?

2. Internal Audit Planning & Execution

How is the internal audit plan developed? Is it risk-based or routine?

Is the plan approved by senior management or an audit committee?

Senior management

An audit committee?

How frequently are internal audits conducted?

Monthly

Quarterly

Annually

What are the typical audit areas covered (e.g., finance, procurement, IT, compliance)?

Are audits documented in a standardized format (e.g., checklists, working papers, audit reports)?

Yes

No

How are audits followed up? Is there a system for tracking implementation of audit recommendations?

3. Control Environment

Are there documented Standard Operating Procedures (SOPs) for key processes (e.g., procurement, cash handling, payroll)?

Yes

No

Who is responsible for designing and implementing internal controls in each department?

How often are internal controls reviewed for adequacy and effectiveness?

What processes are in place to detect and prevent fraud, errors, and irregularities?

Are duties adequately segregated (e.g., approval vs. execution vs. reconciliation)?

4. Control Activities in Key Areas

Procurement and Inventory

Are purchase orders required for all procurement activities?

Yes

No

Is there a process for vendor selection and approval?

Who performs inventory counts and how often?

Are discrepancies investigated and resolved promptly?

Cash and Banking

How often are Bank reconciliations prepared and reviewed?

Who has access to company bank accounts and signatory powers?

Are cash receipts and disbursements properly recorded and reviewed?

Option 1

Option 2

Payroll and HR

Are payroll changes (e.g., promotions, terminations) reviewed and approved by HR and finance?

Is there a process for periodic payroll reconciliations?

How are employee records (attendance, leave, contracts) maintained securely?

IT and Data Security

Are user roles and access rights reviewed regularly?

Are backups performed and tested periodically?

Is there an incident response plan for IT-related issues?

5. Risk Assessment & Monitoring

Has Tawada Limited performed any formal risk assessments in the last 12 months?

Yes

No

Are there documented risk registers for operational, financial, strategic, or compliance risks?

Who is responsible for monitoring and updating the risk register?

Are there Key Risk Indicators (KRIs) used for ongoing risk tracking?

6. Compliance and Legal Controls

Are there controls to ensure compliance with tax laws, regulatory filings, and other statutory obligations?

Are licenses, permits, and registrations monitored for renewal?

Is there a compliance officer or person responsible for legal matters?

7. Reporting & Follow-up

How are internal audit findings communicated (verbal, written reports)?

verbal

written reports

Who receives the audit reports (e.g., FM, GM/CEO, Board)?

Is there a follow-up process to ensure corrective actions are implemented?

How long does it typically take to resolve audit issues?

8. Culture, Ethics & Whistleblowing

Is there a whistleblower hotline or process for reporting unethical conduct?

Have employees received training on ethics, fraud awareness, or compliance?

Are there any recent examples of fraud, control breaches, or whistleblowing reports?

This will help us gather insights into the operations, goals, and challenges of TAWADA Limited to provide tailored solutions and strategies.

A. Business Structure and Governance

How is the organizational structure of Tawada Ltd. designed?

What is the role of the parent company in the overall governance of Tawada Ltd.?

Outline the board committees (e.g., Audit Committee, etc.) that are currently in place.

List the members of each board committee and their email contact.

How are major decisions, including those related to financing and strategic investments, approved and monitored by the board?

B. Manufacturing Operations

What are the primary steps involved in the production process for security ink at Tawada Ltd.?

How are quality control measures implemented and monitored throughout the manufacturing process?

What procedures are followed when importing, receiving, and inspecting raw materials?

How is the inventory of raw materials and finished products managed to ensure accuracy and reliability?

C. Supply Chain and Logistics

What processes govern the selection and procurement of imported materials?

How is compliance with import regulations and customs documentation ensured?

Which systems or practices are in place to manage logistics and ensure timely delivery of raw materials and finished goods (sales)?

What measures exist to address or mitigate potential supply chain disruptions?

D. Inter-Company Transactions and Reconciliation

How are inter-company sales transactions, specifically the sale of security ink to the parent company, initiated and processed?

Do a walk-through of the approach used to ensure efficient credit management between Tawada Ltd and its related companies?

What process is followed for regularly reconciling inter-company balances?

How are discrepancies or disputes in inter-company transactions identified and resolved?

E. Financial Operations (Payables, Receivables, Payroll, Treasury)

What internal controls exist for recording and monitoring accounts receivable?

What internal controls exist for recording and monitoring accounts payable?

How is the cash component of inter-company transactions monitored and reconciled?

Which processes are in place to ensure accuracy in payroll administration?

What systems or procedures support treasury and cash management, particularly for managing liquidity and payment risks?

F. Human Resources Operations

How are recruitment, onboarding, and training processes structured at Tawada Ltd.?

What methods are used to evaluate and manage employee performance?

How do human resources ensure adherence to labor laws and internal HR policies?

What systems are in place to gather and address employee concerns or feedback?

G. Administration and Company Secretariat

Which administrative processes support day-to-day operations (e.g., document management, expense approval, scheduling)?

How is the maintenance of corporate records, board minutes, and statutory filings managed and secured?

What systems are used to disseminate information and manage internal communications?

How does the company secretariat oversee compliance with legal and regulatory obligations?

H. IT Systems and Data Security

What IT systems are employed to support functions across manufacturing, supply chain, finance, and HR?

How are data access and cybersecurity controls implemented and maintained?

Which procedures ensure that data integrity is preserved across operational systems?

How is the tracking of system changes and access to audit trails managed?

I. Risk Management and Internal Audit

How are key operational, financial, and regulatory risks identified and prioritized within the company?

What risk mitigation strategies and controls have been implemented across departments?

How is the internal audit function structured and what areas receive the most focus during audits?

What processes are in place to document, escalate, and resolve audit findings and control deficiencies?

J. Documentation, Reporting, and Communication

What formal documentation exists for standard operational procedures across the organization?

How often are these documents reviewed and updated to reflect process changes?

What reporting systems are utilized to ensure transparency in operations and finance?

How are audit findings and management responses communicated throughout the organization?

To gather insights from TAWADA’s Finance and Governance Teams for developing a robust, compliant, and context-specific Whistleblowing Policy.

Section 1: Current Practices and Awareness

Does TAWADA currently have a formal whistleblowing policy or reporting mechanism?

Provide a copy or summary of the existing policy.

Maximum file size: 516MB

summary of the existing policy.

What gaps or challenges have been observed in its implementation?

How are employees and stakeholders currently encouraged to report misconduct (e.g., fraud, harassment, theft)?

Are there dedicated channels (e.g., hotline, email, third-party platform)?

Are there specific types of misconduct (e.g., financial fraud, insider trading, safety violations) that are more prevalent or critical to TAWADA’s operations?

How is awareness of whistleblowing mechanisms promoted within the organization?

Is training provided? How frequently?

Section 2: Reporting Mechanisms

Should TAWADA adopt an internal reporting system, a third-party platform (e.g., ASC Tip-offs Anonymous (TOA)), or a hybrid model? Why?

What anonymity options should be offered to whistleblowers (e.g., fully anonymous, partially anonymous, confidential)?

Are there specific reporting channels preferred for different types of misconduct (e.g., financial vs. HR-related issues)?

How should reports be escalated internally (e.g., to the Board, Legal Team, CEO)?

Section 3: Confidentiality and Protection

What measures are currently in place to protect whistleblowers’ identities and prevent retaliation?

How should TAWADA handle anonymous reports? What criteria would trigger an investigation?

What disciplinary actions are taken against employees who retaliate against whistleblowers?

How can TAWADA ensure compliance with Nigeria’s whistleblowing laws (e.g., the Whistleblower Protection Act 2022) and international standards (given overseas 40% ownership)?

Section 4: Investigation Process

Who should be responsible for investigating reports (e.g., Ethics Committee, Internal Audit, external investigators)?

What is the expected timeline for resolving investigations? How will progress updates be communicated to whistleblowers?

How will evidence collection, witness interviews, and documentation be managed?

How will outcomes of investigations be documented and acted upon (e.g., disciplinary measures, legal action)?

Section 5: Compliance and Governance

Are there specific regulatory requirements from the Nigerian Security, Printing and Minting Company (NSPMC) or the Central Bank of Nigeria that must be integrated into the policy?

How should the policy align with TAWADA’s ownership structure (NSPMC and overseas partner) and operational risks (e.g., currency printing, security protocols)?

Does TAWADA require alignment with international frameworks (e.g., ISO 37001, UK Bribery Act)?

Section 6: Training and Communication

How should the whistleblowing policy be communicated to employees, contractors, and stakeholders?

What training programs are needed to ensure understanding of the policy (e.g., workshops, e-learning modules)?

How will the policy be translated for non-English-speaking stakeholders (if applicable)?

Section 7: Monitoring and Improvement

How should the effectiveness of the whistleblowing policy be measured (e.g., number of reports, resolution rate)?

What mechanisms will ensure periodic policy reviews and updates?

Are there lessons learned from past incidents that should inform the policy design?

Section 8: Additional Inputs

What challenges has TAWADA faced in addressing misconduct historically?

Are there cultural or operational barriers to whistleblowing that need mitigation (e.g., fear of retaliation, lack of trust)?

Paragraph Any other suggestions for creating a policy that reflects TAWADA’s values and risk profile?

Internal Audit

Does the internal audit function report directly to the board or audit committee?

How frequently do you receive and review internal audit reports?

In your opinion, how effective is the internal audit in identifying risks and recommending control improvements?

Are internal audits conducted using a risk-based approach?

Have there been any major internal audit findings in the last year that required board intervention?

How are follow-up actions from internal audit recommendations tracked and enforced?

Is the internal audit team adequately resourced in terms of skill, independence, and tools?

Business Understanding

What is the company’s core business model and competitive edge?

What key risks or challenges do you believe the business faces in the short to medium term?

How does the board align the company’s strategic goals with day-to-day operations?

Are there emerging markets, technologies, or regulatory changes that you’re currently exploring or concerned about?

How does the leadership assess the effectiveness of its current operational structure?

What major initiatives or changes is the business currently undergoing (e.g., restructuring, digital transformation, diversification)?

How do you evaluate your organization’s performance beyond financial metrics (e.g., ESG, customer satisfaction, innovation)?

Whistleblowing Policy

Is there a formal whistleblowing policy currently in place?

How is the policy communicated to staff across all levels of the organization?

Are whistleblowing reports submitted anonymously? What channels are provided?

What role does the board play in monitoring whistleblower complaints and outcomes?

How often is the whistleblowing policy reviewed or updated?

Has the company received any whistleblower reports in the past year? If yes, how were they handled?

What measures are in place to protect whistleblowers from retaliation?