The activities of the Internal Audit Service are conducted based on the Code of Ethics and the International Standards for the Professional Application of Internal Audit.
1. Preparation and Approval of Audit Work Program:
The Internal Audit Service prepares a one-year, two-year or three-year program of audit work, based on an appropriate risk assessment method, including any risks or concerns recognized by the University’s Senior Administrative / Executive Bodies or the Audit Committee. The Audit Work Program is submitted for approval to the Audit Committee at the beginning of the year and is revised at any stage during the year when deemed necessary.
2. Audit Stages:
Opening meeting
Audit operations begin with an opening meeting, for discussion between Internal Audit Service Officers and Officers of the audited Department / Service, the purpose and objective of the audit. Audit work may commence without any notice or meeting if it is deemed that a surprise audit best ensures the success of the audit objectives.
Conducting audit work
Since each audit is unique, audit procedures may vary. In a standard audit, the Internal Audit Service Officers assess the effectiveness of the internal control systems designed and adopted in a Department / Service and check the compatibility of the procedures implemented with these systems.
Final meeting
Upon completion of the audit work, all topics/issues that require information and/or further clarification from the interested parties are highlighted.
In the final clarifying meeting with the concerned Officers of the Services/Departments, the topics/issues, findings and recommendations are presented and the final opinions and recommendations are determined.
Preparation and sending of Audit Report for comments / opinions / suggestions
The Internal Auditor sends, through the Rector, his final Report to the interested parties, for any comments / opinions / suggestions.
The final Audit Report includes:
– Executive summary with the most important conclusions and recommendations.
– Detailed Report with observations, findings, conclusions and recommendations.
– Any other information / reports / documents deemed necessary.
The comments / opinions / suggestions of the interested parties are submitted to the Internal Auditor, within 15 days from the date of sending the final Report. Failure to receive a response, within the above timeframe, will be interpreted as meaning that the interested parties do not have any comments/opinions or suggestions and that they agree with the content, conclusions and recommendations of the Report.
The final Report of the Internal Auditor, together with the views/comments/recommendations of the interested parties, are submitted to the Audit Committee, for study and submission of recommendations to the Council.
3. Study of the Report by the Audit Committee:
The Audit Committee studies the Audit Report and the relevant comments/opinions of the interested parties and submits its recommendations to the University Council, for a decision.
The Internal Auditor’s Reports are not discussed in another House/Committee before being studied by the Audit Committee.
4. Monitoring the Implementation of Decisions (Follow Up):
The Internal Audit Service monitors the implementation of the decisions of the University Council and informs it accordingly
Control Committee.
