PSM to outsource internal audits

Public Service Media (PSM) has announced its decision to outsource its internal auditing works.

In a statement released regarding the dissolution of PSM’s Internal Audit Department, the media said that Internal Audit Department had failed to meet its objectives during the past 14 months.

The statement detailed that the Company’s board’s Audit Committee had reviewed the work of its Internal Audit Department following which they had debated whether it would be the most beneficial for the company to outsource its auditing works or have it done internally, as at present.

It was noted in the statement that the work carried out by the Internal Audit Department within the past 14 months was to draw up documents making accusations against some of the company staff – which has been submitted to Anti-Corruption Commission (ACC) for further investigation.

“Whilst the main objecting of an Audit Department is to formulate audit report – we note that this company’s Audit Department had not formulated an audit report,” it was also stressed in the statement.

PSM’s Internal Auditor was removed from the post after the issuance of three months’ salary.