Internal Audit

Purpose of Internal Audit

Internal audit, part of the Office of Audit & Risk Assessment, is an independent and objective assurance and consulting activity designed to add value and improve the WSU operations control environment. It assists the University in achieving its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, controls and governance processes.

Internal Audit provides assurance that existing financial and operational controls, which are designed to manage risks and achieve objectives, including those which prevent and detect corruption, are operating in an efficient, effective and ethical manner.

Scope of Internal Audit Activity

The internal audit function encompasses the review of organisational risk controls across the University and includes activity within schools, institutes, and business divisions.

Independence

Independence is essential to the effectiveness and integrity of the internal audit function. The internal audit function must be, and must be seen to be, independent of the activities and processes reviewed to ensure objectivity is maintained.

For this purpose, the internal auditor:

• has no direct authority or responsibility for the activities reviewed as part of the internal audit function;
• has no managerial authority, functions or duties other than delivering internal audit services.

Standards

Audit activities are conducted in accordance with relevant professional standards, The International Standards for the Professional Practice of Internal Auditing contained in The International Professional Practices Framework issued by the Institute of Internal Auditors.

All internal audit staff must comply with relevant professional standards of conduct and exercise due professional care in performing their duties.