OUR SERVICES

Internal Audit performs a wide range of audit services designed to help the University College meet its objectives.

Our services include:

  1. Conducting Risk-based audits in order to provide an independent opinion on operating efficiencies, reliability of financial and operational systems, adequacy of controls, procedures and risk mitigating measures and compliance with government regulations.
  2. Recommending effective control and risk management measures after performing various audits.
  3. Ascertaining that there is a robust system that continuously and completely captures, accounts for and safeguards fixed assets.
  4. Regarding expenditure, checking for compliance with budgetary provisions and procurement rules and regulations.
  5. Undertaking special investigations at the request of Audit Risk and Compliance Committee or management to evaluate allegations of fraudulent practices, financial and operational misconduct in order to determine if allegations are substantiated and to prevent future occurrences.
  6. Offering consulting services, including; advice, process design and training, with the objective of adding value in the development or modification of processes, procedures and controls to minimize risk and achieve objectives.
  7. Follow-up engagements to evaluate plans and actions taken to correct previously reported issues.
  8. Liaisons with external Auditors to ensure internal and external efforts are not duplicate

Audit Process

The following are the common steps in the Audit process, but this may vary depending on the content and the needs of the Audit.

  1. PLANNING

This process helps us to scope the audit. The auditor:

  •  Notifies the Unit’s management of the scheduled audit through an Engagement Memo.
  • Review any applicable regulatory standards, prior work papers, applicable policies, and procedures.
  • Develops the audit plan and programs.

3. FIELD WORK
The Auditor conducts interviews, observes your department workflow, assesses your department controls, reviews and analyzes documents, and compares and contrasts record data.

5. EXIT MEETING

The internal Audit team meets with the Section Heads to conclude the audit. During the exit meeting the;

  • Draft report is reviewed and changes are discussed.
  • Due date for management’s response is determined.

7. FOLLOW-UP

The auditor contacts units’ management to determine the implementation status of audit recommendations.

2. ENTRANCE MEETING

A meeting is held with your Section Heads and other appropriate personnel to;

  •  Discuss preliminary audit scope and objectives.
  • Discuss the Units’ concerns or additional areas of audit interest.
  •  Determine the time frame for the audit.
  •  Review audit and reporting processes.
  •  Establish contact persons for the audit

4.DRAFT REPORT

The Auditor reviews the audit documentation and prepares a draft report which highlights the audit scope, objectives, and results for discussion during the Exit meeting. Findings in the draft report include the following elements:

  • Criteria – What was expected?
  • Condition– What existed?
  • Cause – Why did it happen?
  • Risks – What is the resulting outcome or impact?
  • Recommendation – What should be done to address the cause?

6.MANAGEMENT’S RESPONSE

The Section Heads prepare a written response to the audit recommendations in the draft report.
The response includes:

  •  An action plan of activities to take place.
  • A timeline by which the activities will be completed.