The Internal Audit Unit (IAU) was established in November 1994. It reports functionally to the Audit Committee, and administratively to the President via the Executive Vice President.
IAU is an Independent Appraisal function in the University to examine and evaluate the adequacy and effectiveness of the governance, risk and control processes established and implemented by Management. Our goals are to ensure continuous improvement in the University’s operations; provide Management and stakeholders with assurance on the adequacy of internal controls to mitigate risks; and assist staff members in discharging their duties more effectively and efficiently.
Mission
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.
Responsibilities
- Develop a long term plan and an annual audit plan using a risk-based methodology and submit such to the Audit Committee for approval.
- 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.
- Review operations from the point of view of efficiency, effectiveness and quality assurance.
- Review the degree of compliance with established policies, plans, procedures and relevant legislation.
- Report the results of audit reviews, together with recommendations for improvement, to the Head of Unit responsible for the activities reviewed.
- 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.
- 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.
Professional Standards and Ethics
It is the policy of IAU to follow the standards of best professional practice, including the Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors in order to discharge its responsibilities effectively and in a professional manner. All audit staff are required to familiarise themselves with the professional standards and are expected to uphold a high standard of integrity in undertaking their duties. In general, they should:
- serve in the interest of the University in a diligent, loyal and honest manner and shall not knowingly be a party to any illegal or improper activities.
- maintain the confidentiality of information obtained in the course of audit. The information shall not be used for personal benefit nor released to inappropriate parties.
- perform their duties in an independent and objective manner and shall avoid activities, which threaten or may appear to threaten their independence.
- maintain competency in the interrelated field of auditing through participation in professional development activities.
- use due care to obtain and document sufficient factual material on which to base conclusions and recommendations.
- maintain high standards of conduct and character in all professional activities.
