To ensure high transparency and objectivity, TAP have continuously enhanced its corporate governance structure. The combination of a Audit Committee, Auditor General, Internal Audit Department and External Auditor establishes a robust governance structure that enhances transparency, accountability, and the integrity of an organization's operations and financial reporting.
AUDIT COMMITTEE
Role:
Assists TAP Board of Directors in fulfilling its oversight responsibilities for the financial reporting process, the system of internal controls and the audit process.
Responsibilities:
Appointment of External Auditor.
Review integrity of annual audited financial statements.
Review financial performance and reporting policies.
Review effectiveness of system in monitoring compliance.
Auditor General
Role:
It is an independent government official responsible for auditing the financial statements and operations of TAP. The Auditor General's role is to provide independent assurance that public funds are being used effectively and in accordance with applicable laws and regulations.
Responsibilities:
Auditing and evaluating the financial statements and transactions of TAP.
Assessing the effectiveness of internal controls and compliance with laws and regulations.
Conducting performance audits to evaluate the efficiency and effectiveness of TAP programs and services.
Reporting findings and recommendations to the legislative body or relevant authorities.
Promoting transparency and accountability in the use of public resources.
Internal Audit Department
Role:
It is an independent function within the organisation that evaluates and assesses the effectiveness of internal controls. The department operates under the supervision of the Board Audit Committee.
Responsibilities:
Conducting regular audits and assessments of TAP's operations, processes, and financial transactions.
Identifying weaknesses or deficiencies in internal controls and recommending improvements.
Providing recommendations for enhancing operational efficiency and effectiveness.
Reporting audit findings and recommendations to the Board Audit Committee
and management.
External Auditor
Role:
It is an independent accounting firm appointed by the organisation to conduct an external audit of its financial statements. The External Auditor is not an employee of the organisation and brings an objective perspective to the audit process.
Responsibilities:
Conducting an independent examination of the organisation's financial statements.
Expressing an opinion on whether the financial statements present a true and fair view of the organisation's financial position and performance.
Assessing compliance with relevant accounting principles and auditing standards.
Identifying any material misstatements, irregularities, or fraudulent activities.
Providing recommendations for improving financial reporting and internal controls.
RISK MANAGEMENT COMMITTEE
Role:
Oversees activities and ensures consistency with risk strategy and policies.
Responsibilities:
Review risk management reports.
Provide insight and advice on risk management developments.
Ensure implementation of control systems for all risks.
HUMAN RESOURCE POLICY COMMITTEE
Role:
Assisting the TAP Board of Directors in reviewing the Human Resource policy, promotion and disciplinary action proposed by TAP Management.
Responsibilities:
Review proposed working papers provided by TAP Management.
Advise TAP Management to obtain appropriate sources of information on Human Resource for policy formulation.
Review and support the promotion of officers and staff recommended by TAP Management.
Review and support the disciplinary action of officers and staff recommended by TAP Management.
ANTI-FRAUD POLICY
Purpose:
Prevent and detect fraudulent and malpractice activities.
Objectives:
Maintain TAP’s reputation as a responsible statutory body.
Prevent legal action due to negligence in fraud cases.
WHISTLEBLOWING POLICY
Purpose:
Provide a safe channel to report misconduct.
Objectives:
Support TAP’s core values, Code of Ethics and Governance.
Protect whistleblowers from adverse actions.
BUSINESS CONTINUITY PLAN
Purpose:
Ensure uninterrupted critical operations during crises or disasters.
Objectives:
Regular testing and simulation.
Consideration of human resources, logistics and work procedures.
HEALTH, SAFETY & ENVIRONMENT
Purpose:
Foster a positive HSE culture.
Objectives:
Prioritise employee well-being and safety.
Promote sustainability and environmental consciousness.