What is Internal Auditing?

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Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve and organisation’s operations. It helps an organisation accomplish it’s objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Types of Audits Performed

The Internal Audit Group is responsible for the process by which the University reviews and assesses the probity, efficiency effectiveness and economy of its management controls and practices. Various types of internal audits may be performed.

Operational Audits

This category reviews the operational functions of the University. Operational audits are undertaken for the purposes of assessment of compliance, efficiency, economy and effectiveness of management practices and controls associated with these operational functions. They have a strategic focus and are primarily concerned with the achievement of the University’s strategic objectives and goals.

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Financial and Administration Audits

This category includes the review of all ancillary functions such as budgeting, financial statements, accounting systems, revenue collection procedures, purchasing operations, payroll, staff recruitment and development, management information systems and security systems and procedures. As the procedure covering most of the activities in this category are regulated by laws, external principles or management directive, the purposes of the audit generally relate to integrity of data or compliance. A systems based audit methodology is generally appropriate for such audits. Audits of financial and administrative activities may also be undertaken for the purpose of assessing the efficiency or effectiveness of these activities or of the systems or procedures in use.

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Compliance Audits

Compliance audits determine the degree of adherence to policies and procedures set out in the University's Policies and Operating Procedures. They may also be concerned with compliance with relevant external legislative requirements.

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Information Technology Audits

The auditing of computer systems can be conducted as an integral part of the audit of financial and administrative systems. However, the increasing importance of the information technology as a management support tool has seen the need for specialist audits in this field.

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Special Investigations

Some internal audit activity takes the form of a special investigation. The object of these investigations is to diagnose specific problem areas, establish whether some further action or investigation is warranted and perhaps prepare the way for subsequent audits or reviews.

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