Audit and Assurance

• • Internal auditors can be company employees, while external auditors cannot be the same
  • Internal auditors are hired by the management, while external auditors are appointed with the approval of shareholders.
  • Internal auditors can do done any person there is no need to be chartered accountants, while a chartered accountant only conducts an external audit.
  • Internal auditors are responsible for management/company within the organization, while external auditors are responsible for the stakeholder.
  • Internal audits are conducted throughout the year there is no time limit, while external auditors conduct a single annual audit after the closure of year/half year.

Areas for audits are set out in the Internal Audit Plan which is approved on an annual basis through Risk Committee. It aims to provide a program of audits that focus on areas aligned to the University’s current strategy, risk appetite, and risk profile.

The audit plan is developed on the basis of internal control, internal audit understanding, and assessment of risks within the organization, The process is defined by management with the approval of their management committee

We can receive requests for reviews from areas that may not have been included in the Internal Audit Plan. These requests are discussed and considered taking into account the risks, the skills and expertise needed, resources and the impact on the University’s Strategic risks.

Please contact one of the Internal Audit team members and we can talk through what your needs are and how we can support you

The audit process is a very systematic manner and its length depends on the scale, nature, timing, and complexity of the systems implemented, processes, and internal controls in place. An audit can be extended in length from a week or so through to a few months and that depends on planning, past experience in the same environment, and its reporting stages. We can complete the audit process within the time frame after the defined scope of work through management key persons.

This depends on your role in the audit and is impacted by various factors, for example the nature of the review, the complexity of the area’s operations, ease of access to information and documentation. Some people may be required throughout the audit while other staff may be involved at the planning or the completion phases. We would identify the key resources during our planning meeting and agree these with you at that time.

Depending on the audit requirements and area of review, we can help you:

• offer another perspective—looking from the outside in;
• assist you to manage risks through identification of design effective internal controls and processes;
• highlight areas of non-compliance with regulation or policy and suggest improvements in your controls;
• review of operational procedures and potential irregularities;
• establish effective controls from the outset in relation to new systems, processes or projects; and
• promote effective internal controls that benefit your area

We try our best to keep any disruption by the organization to a minimum by organizing any meetings at a mutually convenient time and spending plenty of time explaining the process upfront so we can all prepare and work through any key timing or operational challenges.

An Approach to audit is very systematic, and everything is to define as per audit assurance rules and regulation, it enhances the authenticity of the organization, improves the credibility of the organization. It helps to implement an effective internal control system.

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