The Internal Audit Agency Act of 2003 (Act 658) section 16(i) mandates every public institution to set up its internal audit unit. The University of Energy and Natural Resources Act 830 of 2011 Section 30(1) and (2) also makes it compulsory for the establishment of the University Internal Audit Directorate (IAD). The IAD is responsible to the Vice-Chancellor and the University Governing Council as it acts to help in the effectiveness of systems put in place to mitigate risk, control and governance processes and arrangements to promote value for money in the University’s operations. To be able to function effectively, the Internal Audit Directorate is organized into four (4) main areas; Financial Unit, Performance Audits and Investigations Unit, Compliance Audits Unit, and Information Technology Audits Unit.
Some of the core activities of the Internal Audit Directorate include:
- Appraise and report on the soundness and application of the system of controls operating in the University.
- Evaluate the effectiveness of the risk management and governance process of the University and contribute to the improvement of that risk management and governance process.
- Assure the efficiency, effectiveness and economy in the administration of the programmes and operations of the University.
- Evaluate compliance of the University with enactments, policies, standards, systems and procedures.
In consultation with the Vice-Chancellor and following guidelines issued by the Internal Audit Agency, prepare an annual audit work plan of the activities required to be performed in the financial year which is determined by the risk assessment including the fiscal risk of the University.