- 11 July 2014
Internal Audit is an independent appraisal function established within the BIUST to examine, check, review, appraise and monitor the activities of the BIUST to ensure effectiveness and compliance with internal control systems and procedures to enhance efficiency, reduce potential risk, protect, and ensure optimal utilisation of assets. Internal Audit will assist BIUST to accomplish its objectives by providing an independent, objective assurance and consulting services designed to add value and improve the Organisation’s operations. It will also help the BIUST to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, governance and other processes.
The Internal Audit Function carries a direct accountability to advise the Council, Audit & Finance Committee, Senate and Management in the effective discharge of their responsibilities. To this end, Internal Audit furnishes them with analyses, appraisals, recommendations, counsel and information concerning the activities reviewed. All Internal Audit activities are to be conducted in compliance with the BIUST objectives and policies as well as Internal Audit Professional Standards and Code of Ethics as promulgated by the Institute of Internal Auditors Inc. Internal Audit plays a role in promoting effective control at a reasonable cost with the concept of value for money.
The primary purpose of the Internal Audit Function is to:
a) Support the Council/Audit & Finance Committee and Management/Senate in identifying and managing risks,
b) Provide assurance regarding the adequacy and effectiveness of the internal control systems, and
c) Evaluate quality of performance against agreed performance standards.
d) Further, Internal Audit assists both Management and the Council achievement in pursuance of good corporate governance.
Scope of Work
This entails amongst others, ensuring that prescribed policies including operational, accounting and other procedures are followed and that Management has taken measurers to safeguard University resources, financial or otherwise.
Amongst others Internal Audit ensures whether: -
• financial and operating information is accurate and reliable
• risks to the enterprise are identified and minimized
• external regulations and internal policies and procedures are followed
• resources are used efficiently and economically
• satisfactory standards are met
• the organisation’s objectives are effectively achieved