Strategic Audit Plan
INDEX
1. Role of Internal Audit 1
2. Introduction and Purpose of this Strategy 1
3. Acknowledgements 1
4. Audit Approach 2
5. Audit Working Procedures and Practices 3
The Audit Toolbox 3
Audit Reporting 5
6. Internal Audit Assistance in UWCN Risk Management 5
7. Fee-Earning Work 5
8. Links To Institute of Internal Auditors (IIA) and Other Bodies 6
9. Staffing 6
10. Operational Plan 2001/02 7
11. Strategic Plan 2002/05 10
12. Annex A Key Risks 21
13. Annex B - Audit Universe 29
14. Annex C Analysis of Systems and Risk 35
1. Role of Internal Audit
1.1. Internal Audit (IAS) is an independent and objective appraisal service within the University College.
1.2. Internal audit 's primary role is to provide an opinion to the Principal and Chief Executive, and to the Board of Governors via the Audit Committee, on risk management, control and governance, by measuring and evaluating the effectiveness of these controls and systems in achieving UWCN 's agreed objectives.
1.3. In addition, internal audit provides assurance to management on systems that they are responsible for and assist management in making improvements to these systems.
1.4. Risk management, control and governance comprise the policies, procedures and operations established to ensure:
the achievement of objectives;
the appropriate assessment of risk;
the reliability of internal and external reporting and accountability processes;
compliance with applicable laws and regulations; and
compliance with the behavioural and ethical standards set for the organisation.
1.5. Internal audit also provides an independent and objective consultancy service specifically to help line management improve the organisation 's risk management, control and governance. Such consultancy work contributes to the opinion which internal audit provides on risk management, control and governance.
1.6. Establishment and maintenance of the system of internal control remains the responsibility
1. Role of Internal Audit 1
2. Introduction and Purpose of this Strategy 1
3. Acknowledgements 1
4. Audit Approach 2
5. Audit Working Procedures and Practices 3
The Audit Toolbox 3
Audit Reporting 5
6. Internal Audit Assistance in UWCN Risk Management 5
7. Fee-Earning Work 5
8. Links To Institute of Internal Auditors (IIA) and Other Bodies 6
9. Staffing 6
10. Operational Plan 2001/02 7
11. Strategic Plan 2002/05 10
12. Annex A Key Risks 21
13. Annex B - Audit Universe 29
14. Annex C Analysis of Systems and Risk 35
1. Role of Internal Audit
1.1. Internal Audit (IAS) is an independent and objective appraisal service within the University College.
1.2. Internal audit 's primary role is to provide an opinion to the Principal and Chief Executive, and to the Board of Governors via the Audit Committee, on risk management, control and governance, by measuring and evaluating the effectiveness of these controls and systems in achieving UWCN 's agreed objectives.
1.3. In addition, internal audit provides assurance to management on systems that they are responsible for and assist management in making improvements to these systems.
1.4. Risk management, control and governance comprise the policies, procedures and operations established to ensure:
the achievement of objectives;
the appropriate assessment of risk;
the reliability of internal and external reporting and accountability processes;
compliance with applicable laws and regulations; and
compliance with the behavioural and ethical standards set for the organisation.
1.5. Internal audit also provides an independent and objective consultancy service specifically to help line management improve the organisation 's risk management, control and governance. Such consultancy work contributes to the opinion which internal audit provides on risk management, control and governance.
1.6. Establishment and maintenance of the system of internal control remains the responsibility