The University ensures high-level performance, quality assurance and cost-effectiveness in all aspects of the University’s operations through clear definition of accountability and authority, and with proper check and balance mechanisms.
As part of its internal control, the University has in place a robust system for managing risks in a systematic and timely manner.
Quality Assurance
The University has developed a Quality Assurance framework and related processes to reinforce the quality culture of the University throughout academic departments and non-academic units. The quality assurance framework is set out in the Handbook on the PolyU's Quality Assurance Framework, Mechanisms and Processes for Academic Departments and the Quality Assurance Framework and Mechanisms for Non-academic Units which cover responsibilities assigned to Senior Management, University Committees and Departments/Units.
The University conducts a comprehensive review of the performance of units through departmental assessment/review on a regular basis to enhance the quality of management and academic programmes, ensure effective planning and control, and effective use of resources.
Internal and External Audit
With delegated authority from the Council, the Audit Committee oversees internal and external audit activities to ensure effective and appropriate implementation of control mechanisms to address risk.
The Internal Audit Unit of the University, which reports directly to the Audit Committee, conducts regular audits on the adequacy, compliance and effectiveness of controls. It also provides risk-based and objective assurance and advice to the Audit Committee and the Management of the University.
The University appoints an external auditor to conduct an annual audit of financial statements. The Audit Committee undertakes to ensure the effectiveness of the financial reporting process and the adequacy and fairness of disclosure in the University’s annual accounts.
Risk Management
The University is currently developing an Enterprise Risk Management Policy (currently under development) to manage financial, operational and reputational risks that may adversely affect the University.
The University has developed an institutional risk register which identifies key institutional risks. The Council and University Management review the key risks and mitigation measures on a regular basis to ensure the risk exposure of the University is within its risk appetite.
Related Documents
| - | Handbook on the PolyU's Quality Assurance Framework, Mechanisms and Processes for Academic Departments (restricted access) |
| - | Quality Assurance Framework and Mechanisms for Non-academic Units (restricted access) |
| - | Terms of Reference and Composition of Audit Committee |
| - | Enterprise Risk Management Policy (currently under development) |