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Specialised audit
- 2. Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
- 3. INTERNAL AUDIT MISSION • The mission of Internal Audit is to assist all levels of administration in the achievement of the College goals and objectives by striving to provide both quality customer service and a positive impact on the efficiency and effectiveness of administrative functions. • • The Office achieves this impact by providing ongoing, objective, and independent reviews of internal controls and independent appraisals (i.e. audits), analyses, and counsel related to the assessment of business risk.
- 4. SERVICE PROVIDED General Audits • Financial • Compliance • Operational Special Investigations Consulting
- 5. Determine the accuracy and validity of financial transactions Evaluate the financial and operational procedures for adequacy and effectiveness of internal controls Verify the existence of College assets and ensure that assets are adequately safeguarded against loss Evaluate the adequacy related to information relied on during management’s decision-making
- 6. INTERNAL CONTROL COMPONENTS Monitoring Control Environment Risk Assessment Control Activities Information & Communication
- 7. Supervising Observing Testing Reporting to Responsible Individuals
- 8. Evaluation of Trends Reviews of Outstanding Encumbrances Surprise Cash and Asset Counts Follow-up on complaints Review of Financial Reports Spot Checking of transactions to ensure compliance with policies and procedures
- 9. RISK ASSESSMENT Is the identification and analysis of relevant risks associated with the achievement of objectives Is an ongoing process that is a critical component of an effective internal control system
- 10. EXTERNAL RISK FACTORS INTERNAL RISK FACTORS Changing student & community needs New/changed legislation & regulations Technological developments Natural catastrophes Competitive conditions Economic changes New Personnel Low Morale Competency & Integrity of Personnel New or Revamped Information Systems Size of Organization Complexity & Volatility of Activities Geographical Dispersion of Operations Changes in Management Responsibilities
- 11. Internal auditors are responsible for: • Examining the adequacy and effectiveness of the College’s internal controls, • Making recommendations where control improvements are needed • Contributing to the effectiveness of the control environment
- 12. INTERNAL CONTROL AND INTERNAL AUDITING Internal Auditing helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of … Risk management Control Governance Processes
- 13. BENEFITS OF INTERNAL AUDIT • Pragmatic, business oriented advice • Local knowledge of policies, procedures, culture and environment • Conduit to other resources
- 14. THANK YOU