Internal Audit Services

Description

Internal Audit Services covering the adequacy of controls necessary for risk management, control, governance and value for money. Lot 1: The Internal Audit Service should give an annual opinion to the Audit & Risk Committee, on the adequacy and effectiveness of the College’s arrangements for risk management, control, governance and value for money. This opinion will be based on the agreed audit strategy and on the areas reviewed in the year To provide the required assurance the Internal Audit Service will undertake a programme of work over a cycle authorised by the Board on the advice of the Audit & Risk Committee, or directly by the Audit & Risk Committee under delegated authority. The work to be carried out will be determined by an analysis of the areas of greatest risk and will be defined within an audit plan. This will have the following objectives: a. To appraise the soundness, adequacy and application of the whole internal control system. b. Evaluate those systems, identify inappropriate or inadequate controls, and recommend improvements in procedures. c. Ascertain that those systems of control are laid down and operate to promote the most economic, efficient and effective use of resources. d. Highlight any apparent unsatisfactory result flowing from decisions, procedures or policies. e. Liaise with the External Auditors. Additional Audit Services The Audit Service should also provide additional services in relation to the Annual Audit of Further Education Statistical (FES) return, Student Support Funds and Educational Maintenance Allowance programme (EMA). In addition to the provision of Internal Audit Services, internal audit is also required to undertake the annual audit of the following: (i) FE bursary fund; (ii) FE discretionary fund; (iii) FE & HE discretionary childcare funds; (iv) HE discretionary fund; (v) Further Educational Statistical (FES) return; and (vi) Educational Maintenance Allowance programme (EMA)