Finance

Audit Committee & Internal Audit

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All Universities are required to have an audit committee. At the University of Hull the Audit Committee is one of a number of committees reporting regularly to Council, our governing body, which meets four times a year.

The terms of reference of Audit Committees are available on the University Committees website. One of its roles is to monitor and review the effectiveness of Internal Audit. It does this through receiving a report at each of its meetings from Internal Audit on progress against the annual Internal Audit Plan, which Audit Committee approves each year.

Audit Committee meets with the Internal Audit Services at the end of each Audit Committee meeting without the presence of managers.

Internal Audit

The Audit Committee advises Council on the appointment of Internal Audit. Currently, the University outsources its internal audit requirements to an audit firm to provide internal audit services. This is done on a contract basis and normally goes out to competitive tender every five years. KPMG were appointed from 1 August 2016.

Internal Audit has an important role in helping the University’s governing body, Council (via the Audit Committee), by providing an annual opinion on the adequacy and effectiveness of the University’s arrangements for risk management, control and governance, and for economy, efficiency and effectiveness. This opinion is based on the result of audits undertaken during the academic year.

Each audit looks at whether there is a sound system of internal controls designed to achieve the system objectives and if those controls are being consistently applied. Audit recommendations are graded from those where action should be taken immediately to those which are less significant but which nevertheless need to be addressed. Management is asked to respond to each recommendation and agree a deadline for implementation. Both the Audit Committee and Internal Audit monitor progress in implementing the recommendations.

The Internal Auditors provide an annual work plan derived from a high-level risk assessment of the University’s proposed operations, in consultation with the University Executive. Reference is made to a number of relevant documents; including the University’s Risk Register.

Internal Audit aims to add value and improve the University’s operations.

It helps the University achieve its Strategic Plan by improving the effectiveness of risk management.

Internal Audit has direct access to the Chair of Council and to the Chair of Audit Committee.

Enquires on specific audit issues should be directed in the first instance to the Chief Finance Officer or Director of Finance.

Further information on the role and responsibilities of Internal Audit is available in the Model Financial Memorandum between HEFCE and institutions June 2008/19  paragraphs 55 to 79 www.hefce.ac.uk/pubs/hefce/2008/08_19/

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