This section provides a summary of the role of Assurance and Risk Management Services. For a full description, refer to the Assurance and Risk Management Services Charter.
Assurance and Risk Management Services undertakes both the provision of an Internal Audit Function and Risk Management to the University and is an integral part of the University’s Governance structure.
WHAT IS INTERNAL AUDIT?
Internal Auditing is defined as:
“an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes”
At this University, Assurance Officers visit all campuses to evaluate systems, procedures and internal controls at Faculties, Schools, Departments and Centres, as well as Central Administration and other University activities.
We carry out audit tasks, including:
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reviews of accounting systems;
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reviews of information technology environments;
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assessment of the compliance of procedures with policy, best practice and the law; and
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reviews of operational efficiency and effectiveness.
We provide a pro-active consultation service which will furnish advice on security and control issues to be considered when designing new systems or changing existing ones.
We work towards providing assurance to University management that effective measures have been taken to minimizing business risk in relation to:
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the safeguarding of assets;
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compliance with legislation and University policies and procedures;
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provision of reliable information;
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achievement of goals and objectives; and
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effective, efficient and economic use of resources.
WHY HAVE AN INTERNAL AUDIT FUNCTION?
The University is a statutory body which is subject to the Financial Administration and Audit Act 1977 and the Financial Management Standard 1997. Under this legislation, the University has a responsibility for the establishment of an effective system of internal control and an effective internal audit function.