What will be the benefits to our department of having an audit?
- Adds value by identifying cost inefficiencies
- Clarifies where resources are best allocated
- Provides an educational role where needed
- Identifies areas for improvement or management
- Suggests strategies for streamlining processes
- Assists with future decision making
- Examines effectiveness of internal controls for
devolved functions
How does the Internal Audit Process work?
After consultation with the Departmental manager, a member of the
audit team will visit your department to gain an understanding of
how the various processes work. You may be asked to provide details
of each part of a process, show where and how records are kept or
demonstrate how University policy is applied in your department.
After examining the information, Internal Audit will issue a report
making recommendations and highlighting any areas that may require
active management. Managers have the opportunity at that stage to
indicate how particular concerns are being managed and to nominate
a time frame in which they are to be completed, if necessary.
What areas are tested?
For Departmental audits, compliance with relevant University policies
and procedures and applicable external legislation, relating to
strategic areas (for example credit cards, tenders and quotations,
travel, and trade debtors, etc), is examined. Key business processes
are also looked at.
How does an Audit fit in with Risk Management?
It's all part of a good corporate governance frame work. Audit
is just another tool to ensure that the important things are being
done as well as possible. Doing a Risk Management Workshop in conjunction
with your department's Business Continuity Planning will assist
you to focus on what's important and where to spend your resources.
Who else will read the report?
Departmental and Special audit reports are given to the Department
Manager, as well as to the members of the Audit and Risk Committee
and the Vice Chancelloras part of the required governance process.
Copies are also kept within the Audit department for use as a reference
point for when the next audit takes place.
What sort of Special Audits are done, and how do
they affect our Unit?
Recent special audits include a review of the Contracts processes,
Assets Management and several requested specifically by various
Units to assist them with their oversight. They add benefit to the
Unit by exposing any areas of risk and showing where money has been
spent. Each audit will also include recommendations that will help
fine-tune processes and make the most of resources.
Ways To Accelerate Your Audit
- Fill in and return the Questionnaire as soon
as possible
- Make sure that the right people who will need
to answer questions are available on the appointed day.
- Have any requested documentation organised.
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