Role and responsibilities

The role of the internal audit function is to support UPEI in the attainment of its Strategic Plan by contributing to the improvement of the university’s risk management, internal control and governance processes. This is done by reviewing UPEI processes and recommending value-added solutions to increase their effectiveness and efficiency and thereby rendering them better equipped to meet targets and objectives.

In order to maintain due professional care and fulfill its responsibilities in an independent and objective manner, the internal audit function of UPEI is governed by the UPEI Internal Audit Charter and the Institute of Internal Auditors’ (IIA) mandatory guidance set out in its International Standards for the Professional Practice of Internal Auditing.

The internal audit process

A risk-based audit plan is prepared on an annual basis. The plan is presented to the President and approved by the Finance and Audit Committee. The plan indicates the processes to be audited, the objectives of the audit and the resources required to conduct the assignments.

Each audit follows four stages, planning, fieldwork, reporting of results and follow-up. Internal audit reports are distributed to the process owner, the President and the Finance and Audit Committee. A follow-up exercise is conducted, subsequent to each audit, to ensure that the action plan designed by management to address internal audit recommendations is implemented.

Audit objectives

The objectives of internal audit are, through internal audit assignments, to ascertain the adequacy and effectiveness of control systems in enabling:

• The efficient use of resources
• The availability and integrity of information
• The safeguard of assets
• Proper risk management
• Good governance and
• Compliance