1. Risk Assessment and Management

   • Conduct periodic risk assessments to identify and evaluate the university’s exposure to various risks, including financial, operational, compliance, and strategic risks.
   • Assist in the development of risk management strategies and practices to mitigate identified risks.

2. Internal Control Evaluation

   • Assess the adequacy and effectiveness of the university’s internal controls in safeguarding assets, ensuring the accuracy of financial records, and promoting operational efficiency.
   • Recommend improvements to enhance control environments.

3. Operational Audits

   • Conduct audits of various university operations and departments to evaluate efficiency, effectiveness, and adherence to policies and procedures.
   • Provide recommendations for improving operational processes and achieving strategic objectives.

4. Financial Audits

   • Perform financial audits to ensure the accuracy and reliability of financial reporting and compliance with applicable laws and regulations.
   • Review financial statements and transactions for integrity and transparency.

5. Compliance Audits

   • Evaluate the university’s compliance with relevant laws, regulations, policies, and procedures.
   • Identify areas of non-compliance and recommend corrective actions.

6. Information Technology (IT) Audits

   • Assess the security, reliability, and integrity of the university’s information systems and IT infrastructure.
   • Evaluate IT controls, data protection measures, and cybersecurity practices.

7. Consulting Services

   • Provide advisory services to university management on matters related to risk, control, and governance.
   • Assist in the development and implementation of new systems, policies, and procedures.

8. Fraud Prevention and Investigation

   • Investigate allegations of fraud, waste, and abuse within the university.
   • Develop and promote strategies to prevent fraud and enhance ethical practices.

9. Follow-Up Audits

   • Conduct follow-up audits to ensure that previously identified issues have been addressed and corrective actions have been implemented effectively.
   • Monitor the status of audit recommendations and report on progress.

10. Governance Support

    • Support the university’s governance framework by providing insights and recommendations to the board of trustees, audit committee, and senior management.
    • Promote a culture of accountability and continuous improvement within the university.

11. Training and Education

    • Conduct training sessions and workshops to educate university staff on internal controls, risk management, compliance, and audit-related topics.
    • Develop resources and materials to enhance the university community’s understanding of internal audit functions and best practices.

12. Reporting and Communication

    • Prepare and present audit reports to university leadership, highlighting key findings, risks, and recommendations.
    • Maintain open and effective communication with stakeholders to ensure transparency and collaboration.

By performing these functions, the University Internal Audit Unit plays a vital role in safeguarding the university’s resources, enhancing operational efficiency, and supporting the achievement of strategic goals.