1. Why are Audits performed
The overall goal of Internal Audit is to add value and improve on the organisation’s operations. Internal Auditors provide reasonable assurance and consulting to the Audit Committee of the Council and management that risks are identified and managed; financial, managerial and operational information are accurate, reliable and timely; and activity is compliant with policies and procedures and applicable laws and regulations.
2. How are departments selected for an audit?
The frequency of departmental audits is based on a risk assessment process. The Internal Audit Department considers three separate factors such as amount of cash receipts and expenditure in the department, size and complexity of the department, compliance risks, etc. Departments with high risk will be audited more frequently than those with medium or low risk. Also, management may request an audit.
3. What should I do if I learn of fraud, waste or abuse?
You may contact our office directly and speak to any senior member at the audit department or call the Internal Auditor’s direct line on +233233060251.
4. Why would I want to request an audit?
Audits are very beneficial to evaluate the department’s operations and system of controls. If a department has recently adopted additional supervisory responsibility or implemented newly installed computer systems, an audit can review the current procedures to determine the effectiveness of internal controls. Also, periodic audits are recommended to ensure overall compliance.
5. Can I request Internal Audit's assistance?
Any member of management can contact Internal Audit staff members via telephone or email for our audit services. Your request will be reviewed by our staff and the Director will decide how best to meet your needs. We are always available to advice on University's policies and procedures. We also offer in-house consulting services on internal control matters and provide suggestions and recommendations for departments.
6. How long do audits generally take?
The audit duration depends on the size, complexity and risks assessed of each department. For example, the time period to review a Faculty would not be the same as reviewing a Hall of Residence. Based on these factors, budget hours are established during the planning phase but generally, audits can last from two to six weeks.
7. Who receives the final audit report?
Vice chancellor receives the audit report but copies are sent to the Provost/Deans and Directors to take action on the agreed recommendations. Quarterly reports are sent to Audit Committee through the Vice Chancellor and our External Auditors may access it during end of year audit.
8. What are the benefits of audit?
Internal Audit assesses each department's control environment and compliance with regulations. We provide recommendations and suggestions to improve the overall efficiency and effectiveness of procedures and processes, which can help achieve organisational goals.
9. What is a department's role during an audit?
We meet with key personnel of the department for planning and interviewing purposes, but try to accommodate any time constraints that may arise. Inevitably, some information and documentations may need to be provided, but we not require much time of a department’s staff members.
10. What are the objectives of an internal audit?
- Evaluate the effectiveness and efficiency of internal controls and resources employed
- Review the reliability and integrity of financial and operational information
- Review fiscal and administrative operations
- Assess the use of established systems to ensure compliance with corresponding policies, procedures, plans, laws and regulations
11. What activities are audited?
Activities that are audited include compliance with the University's policies, procedures, laws and regulations, information systems, general ledger accounts, overall departmental operations and financial statements.
12. What are internal controls?
Internal controls are broadly defined as processes, effected by the Council, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
- Compliance with laws, regulations, policies, procedures, and contracts.
- Effectiveness and efficiency of operations and programs.
- Safeguarding of assets.
- Reliability and integrity of financial and operational information