The University of the West Indies

Understanding Internal Audit

UWI Audit provides independent, objective assurance and consulting services which deliver analysis, appraisals, recommendations, guidance, and information to all levels of The UWI’s management to assist them towards improving the governance of the University’s operations and the effective management of its resources, in the achievement of the strategic objectives.

 

Definition of Internal Auditing:

“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. "

 (Source: Institute of Internal Auditors)

 

The Authority of Internal Audit:

The Audit functions of The University of the West Indies are authorised to have full, free, and unrestricted access to any and all of The University of the West Indies records, specialised resources, physical properties, systems, and personnel pertinent to carrying out any engagement.  All employees are requested to assist UWI Audit in fulfilling its roles and responsibilities. The University Management Auditor shall have full rights to conduct surprise checks and special reviews and investigations, without any prior notice.

(Source: The Financial Code and the Financial Procedures)

 

What is the role of Internal Audit?

  • Assess Information Reliability – Internal audit evaluates the reliability and integrity of information and the means used to identify, measure, classify, and report such information.
  • Monitor Compliance – Internal Audit evaluates the systems established to ensure compliance with those policies, plans, procedures, laws, and regulations which could have a significant impact on the University.
  • Assure Safeguards – Internal Audit evaluates the systems and procedures employed in the safeguarding of assets and, as appropriate, verifying the existence of such assets.
  • Use of Resources – Internal Audit evaluates the effectiveness and efficiency with which resources are employed.
  • Improvement to Operations – Internal Audit evaluates the operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
  • Promote Good Governance – Internal Audit monitors and evaluates governance processes.
  • Promote Risk Management – Internal Audit monitors and evaluates the effectiveness of the organisation’s risk management processes.
  • Evaluate Risk - Reporting significant risk exposures and control issues, including fraud risks, governance issues, and other matters needed or requested by the Executive Management.
  • Offer Advice - Internal Audit can provide, at the request of management, consulting and advisory services related to systems of Internal Controls, Risk Management and Governance process. However, these remain solely the responsibility of Management.
  • Investigate Fraud – Internal Audit has the authority to conduct audits and investigate possible fraudulent behaviour throughout the University.