Strategic Audit Plan

3290 Words Feb 3rd, 2006 14 Pages
INDEX
1. Role of Internal Audit 1
2. Introduction and Purpose of this Strategy 1
3. Acknowledgements 1
4. Audit Approach 2
5. Audit Working Procedures and Practices 3
The Audit Toolbox 3
Audit Reporting 5
6. Internal Audit Assistance in UWCN Risk Management 5
7. Fee-Earning Work 5
8. Links To Institute of Internal Auditors (IIA) and Other Bodies 6
9. Staffing 6
10. Operational Plan 2001/02 7
11. Strategic Plan 2002/05 10
12. Annex A – Key Risks 21
13. Annex B - Audit Universe 29
14. Annex C – Analysis of Systems and Risk 35

1. Role of Internal Audit
1.1. Internal Audit (IAS) is an independent and objective appraisal service within the University College.
1.2. Internal audit 's primary role is to provide an
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IAS will have to conduct an annual review of UWCN 's risk management process to ensure that it can continue to place reliance on management 's risk assessment as the basis for audit planning.
4.5. IAS will review its plans annually to take account of revisions in UWCN 's risk assessment, enable new developments to be taken into account and allow for the plan to be rolled forward appropriately.

Audit Coverage
4.6. IAS 's overall audit objective is to provide UWCN 's Principal and Board of Governors with an opinion which is positive and reasonable. Positive means that our opinion will be based on seeing evidence of adequate action. Reasonable means that there will be sufficient evidence underpinning our opinion to make it reliable, but it is not guaranteed that systems will be error free.
4.7. When determining the coverage necessary to provide our assurance, IAS will apply the following considerations:
• UWCN 's risk management arrangements will have to be reviewed every year to confirm the validity of the analysis as the basis for planning;
• Some high risk areas require more frequent review;
• The need for audit coverage to encompass the whole range of risks which UWCN has identified as "key" to the achievement of its objectives;
• The need for an adequate range of non-key risks to be included to ensure our opinion is based on comprehensive coverage across UWCN;
• Historical knowledge of strengths and deficiencies in UWCN 's risk management, control

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