Internal and External Audit
Internal Audit
Internal Audit is an independent appraisal activity within the University for the review of our operations. It assists management of the University by providing independent advice on operations and performance and by assessing the effectiveness of internal controls. The function aims to promote efficiency, economy and effectiveness of management processes as well as reliability and accuracy of operations.
The University's Internal Audit function serves an important role in providing assurance key risk areas are being appropriately addressed and managed and that appropriate controls and activities relating to the key risks identified by management are in place.
Internal Audit also assists the Audit and Risk Committee to discharge its responsibilities, in general terms monitoring the University's governance, risk and compliance frameworks and administrative operations, and reviews the activities of the controlled entities on behalf of the Council.
The Internal Audit function at the University is conducted under a co-sourced arrangement between Deloitte Touche Tohmatsu and the University's Manager Audit Services.
Internal Audit Plan
The internal audit function will be conducted using a risk-based model.
The individual audit engagements comprising the 1 year (tactical) and 3 year (strategic) audit plans are determined through a rigorous Internal Audit Planning Methodology which involved assessing potential audit areas against the following criteria:
- Risk category and overall risk assessment
- History of audit issues
- Time since last internal audit
- Senior management priority for audit frequency
- Area subject to recent internal/external audit change
- Impact of auditable area on strategic objectives
- Interview comments
- Understanding that the University has a reasonable risk appetite
- University's available resources
