Internal Audit Quality Assurance Mechanism
Internal Audit Department was established in August 2018 following the recruitment of an Internal Auditor. The Department has put in place the governing documents including Charters, Work Plans and Policies. The Head of Internal Audit reports functionally to the Audit & Compliance Committee of Council and administratively to the Principal.
To be a preferred advisor unit in partnership with stakeholders delivering professional assurance and consulting services to assist the University College to achieve its mission, strategic planning goals and initiatives in an atmosphere of respect and accountability.
To enhance and protect institutional value by providing risk-based and objective assurance, advice and Insight.
iii. Core Values
The Core values of Internal Audit are: Integrity, Objectivity, professionalism, competence and Confidentiality.
1. Roles and Functions of Internal Audit
Internal Audit at BUC is a control tool that helps in the accomplishment of the University’s objective by establishing systematic and disciplined approach to evaluate and improve the effectiveness of Risk Management, Controls and Governance Process.
The roles and functions of Internal audit include bringing systematic and disciplined approach to evaluate and improve the effectiveness of;
a. Review and evaluate budgetary performance, financial management, transparency and accountability mechanisms and processes in the University College;
b. Have a duty to give reasonable assurance through the Audit and Compliance Committee on the state of risk management, control and governance within the organization
c. Review the effectiveness of the financial and non-financial performance management systems of the University College
d. Review Compliance to laws and Policies.
e. Review the adequacy of the safety and custody of the Institutional assets.
2. Internal Audit Governing Documents
Internal Audit operations are governed by internal and external instruments.
i. Key Legal Instruments –External includes;
1) Constitution of Kenya,2010
2) International Professional Practices Framework(IPPF)
3) Public Financial Management Act,2012
4) Public Finance Management Regulations,2015
5) Mwongozo Code of Governance in Public sector
6) Audit Committee Guidelines Gazette Notice Vol.CXVIII-NO.40
7) Government Policies and Circulars
ii. Key Documents-Internal includes;
1) Internal Audit Charter
2) Audit Committee Charter
3) Internal Policies
4) Internal Audit Manual
5) Internal Audit Risk Based Work Plan
6) Risk Based Audit Procedure manual.
3. Scope of Internal Audit
Internal audit coverage may be extended to all areas of the University College and may include; financial, administrative, academic and other operational activities. The extent and frequency of audit depends on various circumstances such as relative risks associated with the activity, results of previous audit, materiality and adequacy of internal control systems that are in place.
At the beginning of every Financial Year, a flexible Risk-Based Audit Work Plan is prepared to guide the deployment of the limited resources to high risk areas within the institution.
The Head of Internal Audit is responsible for coordinating internal audit activities in the University College. The Head of Internal Audit reports administratively to the Principal and functionally to the Audit and Compliance Committee of the Council.