The Internal Audit program assists the Audit & Risk Management Committee and University management by providing independent advice on the adequacy and effectiveness of University controls, risks, processes and systems.
A number of different types of audits are conducted. They include:
University-wide Control Audits – A range of control audits covering topics such as payroll, debtors, creditors and receipting and banking are conducted on a one or two year cycle. Standard working papers including system documentation and testing programs have been developed for each topic.
School Audits – School and Faculty Office audits are conducted on a four year cycle. Standard working papers detailing the areas of audit coverage and testing programs have been developed. Issues covered in the testing program include: financial viability; shared services; hazardous goods; and fee for service activities.
Foundation Audits – Foundation audits are conducted on a four year cycle. Standard working papers covering issues such as compliance to the foundation constitution, financial viability and fundraising have been developed.
Legislative Compliance Audits – The University is required to comply with a wide and varied range of legislation. Each year our audit plan includes a sample of this legislation. The objective of each review is to identify the University’s obligations under each piece of legislation and then determine whether the University has an adequate compliance regime.
Tasks in this category can vary considerably and as a result there is little scope for the development of standard working papers. Key factors considered in each task include: the University’s Strategic Plan; the University’s risk framework; University policies and issues identified in any previous audits/review.
If you require an audit in your area please contact the , Audit & Risk Management on 9351 2415.