Finance Audit’s role is to be an independent, objective, assurance and consulting function that adds value and improves operations at the University. It aims to help the University achieve objectives by systematically evaluating and improving risk management, control, governance, and the implementation of best practices.
Finance Audit staff should have free and unrestricted access to all University records (manual and electronic), physical properties and personnel.
The specific accountabilities of Finance Audit include assessing:
- The effectiveness of internal control processes and systems.
- The effectiveness of management systems in identifying and managing financial risks.
- Compliance with laws, regulations and University policies and delegated authorities, and
- The accuracy, reliability and timeliness of management information reported.
Finance Audit will perform the following specific activities:
Prepare an annual audit plan
Using a risk-based approach, Finance Audit will select audit areas based on the amount of resources available.
Specific audits are selected from the approved annual plan schedule. The areas that are deemed to have the highest level of risk will receive priority.
The objective of special requests is to provide value-added consultative advice to University Administration in regards to designing, implementing and enhancing internal controls. In addition, specific audit reviews may be undertaken based on specific concerns raised by Administration in certain areas.
Internal and External Auditor Assistance
Based on the given year’s requirements, Finance Audit may assist the internal and external auditors in completing the year’s audit of the University and other submissions and reporting requirements for the Ministry of Education and Training or other agencies, as requested.
For more information please contact: