Internal Audit provides independent review and testing with respect to risk management and control at the University within the scope of their engagement. This is achieved through conducting reviews approved by the Audit & Risk Committee of the Board of Governors.
Internal Audit provides assurance to the Board that governance, risk management and control processes are operating effectively and efficiently within the University.
Internal Audit reports its observations and recommendations to the Vice President Administration and Finance, Chief Risk Officer, and the Audit & Risk Committee of the Board. Internal Audit then continues to monitor the University's responses to, and implementation of, its recommendations.
The University of Waterloo Internal Audit review and testing functions are outsourced to a third-party auditing service.
Goals
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To ensure that the University of Waterloo follows best practices in business procedure and compliance;
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To promote an effective and efficient administration in support of the University’s academic mission;
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To enable the achievement of the strategic planning initiatives of the University of Waterloo.
External Audit
The annual financial statements of the University of Waterloo are audited by KPMG, an independent third party, and reporting is done annually to the Board of Governors.
For more information, please read our financial statements.