The Internal Audit function is an independent, objective assurance and consulting activity designed to add value and improve the University’s operations. It assists the University accomplish its objectives by applying a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The role of the department is to manage comprehensive operational and financial audit programs that provide assurance and consulting services designed to add value and improve the University’s risk management, control, and governance processes.
The Functions of the Internal Audit
Determines whether the University’s network of risk management, control and processes, as designed and represented by management, is adequate and functioning in a manner to help ensure that:-
- Risks, including strategic risks, are appropriately identified and mitigated or managed;
- Significant financial, managerial, and operating information is accurate, reliable, and timely;
- Employees’ actions are in compliance with policies, standards, procedures, and applicable laws and regulations;
- Resources are acquired economically, used efficiently, and adequately protected;
- More effective business strategies are adopted to manage poor performance;
- Programs, plans, and objectives are achieved; and
- Quality and continuous improvement are fostered in the University’s control process.
- Issuance and control of accountable documents such as receipt books, Local Purchase Orders (LPO’s) and stores requisition notes;
- Pre-Auditing of payment vouchers and purchase requisitions;
- Undertaking special investigations on behalf of the University Management;
- Offering consultancy services to the Management of the University in relation to its subsidiary companies, Income Generating Units’ (IGU’s) and Special Programs.
- In carrying out their professional duties, the Internal Auditors shall be guided by the applicable professional guidelines issued by the Institute of Certified Public Accountants.