1CHAPTER 1 – AN OVERVIEW OF ECOBANK ZIMBABWEINTRODUCTION TO ECOBANK ZIMBABWE LIMITEDCobank Zimbabwe Limited (EZW) is a commercial bank in Zimbabwe licensed by the Reserve Bank of Zimbabwe. EZW is a growing financial services provider in Zimbabwe, serving large corporates, high-end retail clients and medium to large enterprises. The bank was established in 2002 as Premier Finance Group, a merchant bank. In January 2011, Ecobank Transnational Incorporated (ETI) acquired a majority stake in the Premier Finance group, for a cost price of ten million dollars. Following a change in ownership, the institution was renamed Ecobank Zimbabwe Limited in May 2011. It also applied for and received permission to change its merchant banking license to a commercial banking license. The Reserve Bank of Zimbabwe granted EZW a commercial banking license with effect from 15 May 2012. Since April 2014, the bank has operated a network of thirteen branches with its head office at number 2 Piers Road in Borrowdale, Harare. EZW Property is a subsidiary of Ecobank Transnational. Incorporated (ETI), the pan-African bank headquartered in Lomé, Togo and present in more than thirty-three African countries. ETI, a public limited company, was established as a bank holding company in 1985 as a private sector initiative led by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS). In the early 1980s, the banking sector in West Africa was dominated by foreign and state-owned banks. There were virtually no commercial banks in West Africa owned and managed by the African private sector. ETI was founded with the aim of fulfilling this...... middle of paper ......on and the mission of this department is to be a value-added strategic partner for all its stakeholders and to provide independent and internationally acceptable assurance. and consultancy services for all activities of EZW Limited. Audit services include information systems, financial, operational and compliance audits, thematic and assurance reviews. Roles and Responsibilities • Review and evaluate the strength, adequacy and application of accounting, financial and other operational controls and promote effective controls at a reasonable cost. • Verify the degree of compliance with established institutional policies, plans and procedures and all country laws and regulations applicable to EZW. • Determine the extent to which EZW assets are accounted for and protected against losses of all kinds. Fig 6: Internal audit Structure and hierarchical lines