What is Internal Audit?Internal Audit is an independent, objective assurance and consulting activity aimed at helping the organisation achieve its stated objectives. It includes monitoring, assessing and analysing organisational risk and controls, evaluating policies, procedures and systems which are in place to ensure the reliability and integrity of information, compliance with policies, plans and laws, the safeguarding of assets, and the efficient use of resources.
Working in partnership with management, Internal Audit provides the University's Audit Committee and executive management assurance that risks are mitigated and that the organisation's controls and governance is strong and effective. When there is room for improvement, internal audit will also make recommendations for enhancing processes, policies, and procedures.
Internal Audit at Flinders UniversityThe University contracts Deloitte Touche Tohmatsu for the provision of its internal audit services. Internal Audit administratively reports to the Vice-President (Strategic Finance and Resources). Internal Audit will liaise with management in the area to which a project relates when carrying out an internal audit.
A risk-based model is used to guide which areas of the University will be reviewed each year. The model includes factors such as the University's key business risks, risks associated with the University's Insurable Risks Register and Legislation Register, prior internal or external audit experiences, management opinion, and other risk factors. In developing the Internal Audit Plan, other factors are considered such as the balance of specialist (once off) internal audit projects and cyclical internal audits which have an ongoing compliance focus, as well as the need to maintain a diversity of review activities across the organisational units and processes or functions of the University.
A three-year, rolling Internal Audit Plan is prepared annually in consultation with Universitymanagement, approved by the Vice-Chancellor and reviewed by the University's Audit Committee in accordance with its Charter.
Contact informationCassandra Sundqvist, Executive Officer, Office of the Vice-President (Strategic Finance and Resources)
Phone: +61 8 8201 5663
Fax: +61 8 8201 3934