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University Audit & Compliance Policy
Name of Policy
University Audit & Compliance Policy
Policy Number
XII. 3
Owners
Governance
Original Policy Date
19/05/2021
Cosigners
Last Revised Date
_______________________
Other Related Regulatory Rules Laws & Policies Next Scheduled review Date
_______________________
Associated Procedures & Forms (Attachments)
Versioning
Cycle of Reviews

Purpose

Auditing is an independent appraisal function established within the University to examine the adequacy and effectiveness of the University’s system of internal control, risk management, local & international standards and the quality of performance in carrying out assigned responsibilities. The objective of auditing is to provide personnel of the University with analysis, appraisals, recommendations, counsel, and information concerning the activities reviewed. Compliance on the other hand reflects the commitment of the University to sustain an utmost level of ethical standards and to conform to all the pertinent internal and external laws, policies, rules and regulations.

This policy is primarily to define the purpose, authority, and responsibilities practiced which will ensure continuous improvement and quality enhancement of PMU’s curriculum, processes, and student and faculty experience.


Statement

1.      The Audit and Compliance unit helps the institution fulfil its internal control and compliance responsibilities. The unit oversees the activities internal auditing and compliance functions thereby maximizing the value of undertakings and procedures to the university. The compliance program reflects the commitment of the university to maintain the highest ethical standers and to comply with all applicable laws, policies, rules, and regulations. The internal auditing scope should encompass the examination and evaluation of the adequacy and effectiveness of the university ‘s system of internal control and the quality of performance in carrying out assigned responsibilities.

2.      The University Audit and Compliance process is designed to:

2.1.   Enhancing the efficiency and effectiveness of University functions;

2.2.   Ensuring effective performance management and accountability by coordinating with Risk Management Unit to identify risks and to assure the implementation of newly introduced controls from Risk Management Unit;

2.3.   Ensuring compliance with University policies and procedures and other applicable Acts and Regulations, for instance governmental regulations, ISO standards and any new third-party accreditations.

2.4.   Promoting appropriate ethics and values within the University;

3.      The Audit and Compliance Process

3.1.   Planning 

3.2.   Documents Preparation

3.3.   Risk Assessment report from Risk Management Unit

3.4.   Contact Department Management

3.5.   Field work

3.6.   Results 

3.7.   Feedback / Follow up

For an in-depth explanation of each step mentioned above, please refer to the Audit and Compliance Handbook

4.      Reporting Structure

The IEAD reports functionally and administratively to the Associate Vice President of Institutional Development. These reporting relationships assure departmental independence, promote comprehensive audit coverage, and assure appropriate consideration of audit recommendations.

The IEAD is authorized to review all records of the university and has full and complete access to all activities, records, property, and personnel reasonably necessary to perform the responsibilities of this function. IEAD has no direct responsibility or any other authority over the areas it reviews.

The IEAD does not handle finance related audits. The Head of internal Audit is responsible for monitoring, handling, and auditing any financial activities within the institution.

5.      Institutional Effectiveness Council:

Institutional Effectiveness Council and the Risk Committee are responsible for support of the implementation of the Audit and Compliance process designed to mitigate obstacles for continuous institutional improvement.