Objectives of IACRM Department.
Internal Audit, Compliance and Risk Management Department is established within Kabarak University by the Governing Council. Its role and responsibilities are defined by the University’s Council and the Council’s Audit Committee as set in the Audit Committee Charter and Internal Audit’s Charter. The Audit Committee of the Governing Council provides oversight of the Internal Audit. The Head of Internal Audit, Compliance and Risk Management Department reports functionally to the University’s Governing Council Audit Committee and administratively to the Vice Chancellor.
Objectives and roles
Internal Audit primary role is to provide independent, objective assurance, education and consulting activity designed to add value and improve the university’s operations. This means helping the university accomplish its objectives by bringing a systematic, disciplined approach to the evaluation and improvement of university processes related to university-wide risk management, internal control and governance
IAC&RM’s scope and objectives for each audit is driven by audit’s objectives and through continued discussions with the head of audit client department and department’s particular risk assessment. Nonetheless, while each audit assignment is distinctive, we have some common / general objectives that are applicable to most audits. They include:
- Access the adequacy and effectiveness of internal controls over payroll processing
- Review procurement office transactions and procedures for compliance with University policies and review monitoring and reconciling procedures
- Review discretionary, self-supporting, restricted and vote-head accounts expenditures and determine if they are valid, reasonable and in compliance with University policies or donor restrictions (if any)
- Determine whether the university operations, processes, procedures and utilization of funds create value for money and are value adding to the entire university Objectives
- Review sponsored project account expenditures and determine if they are compliant with University policies, grant agreements and statutory requirements (if applicable)
- Review controls over Information Communication Technology (ICT) environment including physical security and policies and procedures
- Review activity for the most recent twelve-month period
- Determine if the university receives funds or support from well-wishers and establish whether they are deposited into appropriate accounts and properly accounted/restricted for
- Assess subsistence allowances and imprest expense reports for compliance with University policies and procedures including claims, surrenders and payment
- Determine if revenues are reasonable, properly accounted for and whether they are properly controlled and appropriately recorded
- Review conflict of interest procedures to ensure effective controls are properly monitored and disclosure of outside interests is sufficiently made
It is also worth noting that opportunities for improving university operations may be identified during all the audit assignments. Communication through appropriate level of management for its consideration will be undertaken by the Head of Internal Audit Department.
At the conclusion of each audit project, the Internal Audit will present a report that provides its independent opinion or conclusions regarding the process, system or any subject matter reviewed. The risk associated with each issue reported will be identified, and the report incorporates the responsible University or System Administration's/ School’s Head response. Internal Audit Department will carry-out completed audit follow-up on activities to ascertain the status of actions taken with regard to significant risks identified.
Internal Audit Department also assists in Investigation of significant suspected incidents of fiscal misconduct within the university and notifies the University Management Board, the University’s Council Audit Committee, University’s Board of Trustees and other authorities, as appropriate, of its activities and results.