This section defines the role of the Internal Audit Department required to provide an independent appraisal of the University’s financial, operational, and control activities. Work performed by the Internal Audit Department can be divided into four categories:
- General Audit
- Special Requests
- Special Investigations
- Consulting Services
A – General Audit
Under this category, it is the responsibility of the Internal Audit Department to test, evaluate and analyze the system of internal control employed by management, to safeguard University assets and to ensure the accuracy of financial records. Moreover, the Internal Audit Department shall also review processes for compliance with all the University policies and procedures, and promote operational efficiency when appropriate.
The Internal Audit Department shall provide, in co-operation with the Vice President for Finance and Administration, the President and the Audit Committee; the annual general audit plan for review and approval. Audit activities shall include, and are not limited to, the following:
- Determine the accuracy and validity of financial transactions.
- Evaluate the financial and operational procedures for adequacy and effectiveness of internal controls.
- Verify the existence of University assets and ensure that assets are adequately safeguarded against loss.
- Assess the level of compliance with the University policies and procedures.
- Assess compliance with the laws and regulations.
- Evaluate the University’s electronic information and processing systems and review major modifications to ensure the inclusion of necessary controls.
- Review specific processing systems such as fees collection, payroll, purchases, etc.
- Review investment operations of the University and assess compliance with its guidelines.
- Identify operational opportunities for cost savings.
- Co-operate with the External Auditors to facilitate their tasks.
- Assess the University’s compliance with conditions and restrictions in cases such as sponsored grants, contact requirements and donor restrictions on use of funds.
- Evaluate the adequacy and reliability of information available for management decisions.
- Identify inefficient practices and procedures and formulate recommendations to management for improvements.
- Conduct special studies of procedures or problem areas as requested or directed by appropriate levels of management.
- Review and assess whether the University policies and procedures are being respected and complied with. Such review will cover financial and non financial policies and procedures, such as admission, registrar, financial aid, recruiting, etc. Assess the implication of these policies and procedures on all faculty members and students.
- Review and assess whether existing policies, procedures and practices are useful, effective and economically justified.
- Assess whether conflict of interest exists.
- Review specific department/school operations: e.g. staff utilization, meet objectives and targets, management practices, etc.
- Review and assess the adequacy of channels of communication to provide reliable information internally and externally, e.g. stakeholders, donors, alumni, etc.
- Examine that various educational support are being obtained on a regular basis and are available to assist the student e.g. availability of computers, books, projectors, course materials, etc.
B – Special Requests
The Internal Audit must allocate a certain amount of time as needed to conduct special requests. The President and /or Audit Committee initiates these requests which may vary in nature and can be related to the policies and procedures, processes and controls, professional advice, fraud, loss of assets, violation of contractual activities, etc.
C – Special Investigations
Very critical in nature and require the immediate attention of the Internal Auditor. The Internal Audit shall assist management in evaluating the loss impact and the control weaknesses. They shall recommend corrective measures to prevent subsequent recurrences.
D – Consulting Services
This category outlines areas of responsibilities whereby the Internal Audit shall act as an in-house consultant to various faculties and departments. It is the responsibility of the upper management and Audit Committee to outline areas where consulting services are required.
The Internal Audit’s consulting service could be valuable to every department and school and; in general, the Internal Auditor can perform many consulting activities, including, but not limited to, the following:
- Provide input, whenever necessary, for implementation of information systems; evaluate computer system controls, etc.
- Assist in the investigation of abuse/harassment complaint as requested by administration.
- Assist in setting financial aid evaluation criteria, ensure the absence of discrimination and good management of the work-aid program.
- Assist management in developing and verifying implementation of a grading system allowing management to monitor the standard of education at the University.
- Review faculty and staff recruiting policy and procedures and their implication on the quality of service.
The information presented in this page was approved by the Board of Overseers & Trustees in March 2000.
