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AUDIT CHARTER

Mission

The Internal Audit Unit (IAU) is to provide independent, objective assurance and consulting services designed to add value and improve the University’s operations. IAU helps the University accomplish its objectives by reviewing and evaluating the adequacy and effectiveness of risk management, governance and control processes established by the University Management to safeguard its assets; secure the accuracy and reliability of its records; ensure the compliance with laws, regulations, policies and procedures; and promote the efficiency of operations.

Reporting

The Head, Internal Audit reports functionally to the Audit Committee and administratively to the President of the University.

Responsibilities

  1. Develop a long term plan and an annual audit plan using a risk-based methodology and submit such to the Audit Committee for approval.
  2. Implement the approved audit plan in order to assess whether the systems, processes and procedures of internal control within the University are adequate, reliable and effective.
  3. Review operations from the point of view of efficiency, effectiveness and quality assurance.
  4. Review the degree of compliance with established policies, plans, procedures and relevant legislation.
  5. Report the results of audit reviews, together with recommendations for improvement, to the Head of Department responsible for the activities reviewed.
  6. Submit periodic reports summarising results of audit activities and the impact of recommended actions to the Audit Committee, and report annually to The Hong Kong Polytechnic University Council.
  7. Conduct special assignments as may be requested by the University Management and Audit Committee.
Authority and Independence

IAU will be provided with full access to the University's personnel, records and physical properties relevant to the performance of audits. To maintain independence, IAU will not, unless otherwise authorised by the University, develop, install or operate procedures, prepare records, or engage in any other operations which would normally be subject to audit review. It has no direct responsibility for, nor authority over, any part of the activities it reviews, or the persons responsible for those activities.

Standards of Audit Practice

IAU will meet or exceed the Standards for the Professional Practice of Internal Auditing of The Institute of Internal Auditors.

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