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Internal Audit Charter
This charter sets out the purpose of the Internal Audit function and the authority and responsibilities conferred by The University of Melbourne Council on the Director, Internal Audit.
Internal Audit is part of the University's Governance framework and is a service unit established to provide an independent appraisal and advisory function for senior management thereby assisting the University in achieving its mission. Its functions include examining, evaluating and monitoring the adequacy and effectiveness of internal controls established to regulate the activities and operations of the University.
The Internal Audit unit is to assist management at all levels in achieving objectives consistent with the Melbourne University Act and the University's strategic plan and to provide detailed assessments as to the efficiency, effectiveness, economy, compliance and financial regularity of the University's operations.
2. Organisational Scope
The field of activity of Internal Audit shall include all the activities and operations of:
The Audit and Risk Committee must determine the policy framework in which the Internal Auditor is to operate whilst the administrative responsibility for ensuring the performance of tasks is exercised by the Senior Vice-Principal. The Director, Internal Audit has independent status within the University and for that purpose:
The Director, Internal Audit and audit staff:
Internal Audit must review the financial policies, procedures, records, accounts and plans of the University and appraise the effectiveness by which the University meets its objectives. This includes:
6. Professional Standards
All internal audit projects must be undertaken with due professional care. In line with standards of professional internal auditing practice the Director, Internal Audit shall ensure:
7. Audit Plan - Scope and Coverage
As an aid to managing the audit function a rolling three year strategic audit plan is prepared and presented to Audit and Risk Committee annually for comment and approval. In formulating the audit plan and annual work program, the Director, Internal Audit must consult with key audit customers including members of the University's Senior Executive and Heads of Budgetary Divisions.
The strategic audit plan must:
8. Performing Internal Audit Reviews
All internal audit projects undertaken must be in accordance with documented Audit Protocols. These set out the steps which Internal Audit agree to take to ensure that the audit process is mutually beneficial to both Internal Audit and the auditee. These Audit Protocols are amended from time to time in line with internal auditing best practice, changes to auditing standards and customer and Audit and Risk Committee requirements.
9. External Auditor
Where appropriate and within the context of established plans and to the extent that organisational and professional constraints allow, internal audit projects are undertaken with the view of maximising the efficiencies of the internal and external audit processes and minimising audit duplication.
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Date Created: 22 December 2004