INTERNAL AUDIT DEPARTMENT

Overview

The Internal Audit function provides to the University, assurance, advisory and consultancy services on. governance, risk management and control processes This help satisfy statutory and fiduciary responsibilities and utilization of public resources effectively and efficiently. The scope transcends across all the university systems and operations with a view to improving internal control systems, risk management and achieving economy, efficiency, and effectiveness in all the University’s operations. The scope extends to evaluating and reporting on the University’s adherence to statutes, legislation, regulations, policies, and procedures. The key enablers to Internal Audit are the University Council and University Executive as the University implement the new pillars of Education 5.0, innovation, and industrialization.

Vision

To provide value adding audits, consultancy and advisory services with objectivity, openness, fairness and in accordance with the highest professional and ethical standards.in an objective, fair and open manner.

Values

The key values that drive the vision are:

• Integrity
• Excellence
• Confidentiality
• Diversity
• Ethics
• Sustainability
• Innovation
• Ubuntu

Functions

The scope of internal auditing work is based on the approved risk based annual plan which considers the university risks audit universe. Independent assurance is provided on the following.

• University’s governance processes.
• University’s financial management and reporting.
• Effectiveness of risk management processes and the internal control framework.
• Activities, business, and associated controls.
• Fraud risks, corruption, unethical behavior, and other irregularities.
• Appropriateness of the University’s accounting policies, disclosure, and any changes to them.
• Existence of assets and the safeguards.
• Corporate governance and best practice compliance.
• Application and effectiveness of risk management procedures and risk assessment methodologies at various operations and activities of the University.
• Compliance to legal and regulatory requirements and approved policies and procedures.
• Effectiveness of existing policies and procedures and provision of recommendations for improvement.
• Monitoring management’s responsiveness to internal and external audit findings and recommendations.
• Management development and implementation of policies designed to ensure that the University’s risks are identified and that controls are adequate, in place and functions properly.
• Management framework of fraud, embezzlement, theft, and resources wastage.