Audit terms of reference template

The Internal Audit Department is responsible for providing an objective and independent appraisal of all the University of Bath's activities, financial and otherwise.

It should provide a service to the whole organisation, including Council and all levels of management. It is not an extension of, nor a substitute for, good management, although it can have a role in advising management.

The Internal Audit department is responsible for evaluating and reporting to the Council and Vice-Chancellor, thereby providing them with assurance on the arrangements for risk management, control and governance, and value for money VFM.

Download or print the Internal Audit Department's terms of reference. All the University's activities, funded from whatever source, fall within the remit of the Internal Audit department.

The Internal Audit department will consider the adequacy of controls necessary to secure propriety, economy, efficiency and effectiveness in all areas. It will seek to confirm that management have taken the necessary steps to achieve these objectives and manage the associated risks.

The scope of Internal Audit work should cover all operational and management controls and should not be restricted to the audit of systems and controls necessary to form an opinion on the financial statements. This does not imply that all systems will be subject to review, but that all will be included in the audit risk assessment and hence considered for review following the assessment of risk.

It follows that if Internal Audit is to give an opinion on the whole system then that will include academic operations. The role of Internal Audit in this area is to confirm that there are adequate systems for the management of teaching and learning and research. For example, Internal Audit could confirm that the examination system is operating effectively and meeting its objectives, but this does not mean that Internal Audit should form academic judgements.

Similarly, Internal Audit might review a research grant to ensure that the requirements of the grant have been met, but it should not form a view on the merit of the research undertaken. It is not within the remit of the Internal Audit department to question the appropriateness of policy decisions. However, Internal Audit is required to examine the arrangements by which such decisions are made, monitored and reviewed, and related risks identified and managed.

The Internal Audit department may also conduct any special reviews requested by the Council, Audit and Risk Assurance Committee or Vice-Chancellor, provided such reviews do not compromise its objectivity or independence, or achievement of the approved audit plan.

The Head of the Internal Audit Department is required to give an annual opinion to the Council and Vice-Chancellor, through the Audit and Risk Assurance Committee, on the adequacy and effectiveness of the arrangements for risk management, control and governance; and for economy, efficiency and effectiveness value for money within the University; and the extent to which the Council can rely on these.

The Head of Internal Audit should also comment on other activities for which the Council is responsible, and to which the Internal Audit Department has access. To provide the required assurance, the Internal Audit department will undertake a programme of work, based on a strategy authorised by the Council on the advice of the Audit and Risk Assurance Committee. The reporting shall also include a Management Letter that discloses all audit findings and weaknesses identified during the audit process.

The Management Letter shall include both significant and other findings. The auditor shall also make recommendations to address the identified findings and weaknesses.

The recommendations shall be presented in priority order. The financial report that has been subject of the audit shall be attached to the audit reporting. If the auditor assesses that no findings or weaknesses have been identified during the audit that would result in a Management Letter, an explanation of this assessment must be disclosed in the audit reporting. Measures taken by the organisation to address weaknesses identified in previous audits shall also be presented in the Management Letter.

The size of the sample of reviewed audit reporting from subsequent partners if applicable shall be stated in the report. If the auditor performs additional assignments and finds that the observations described in the Report of Factual Findings contain the information that would have been stated in the Management Letter, a Management Letter does not need to be issued. In such cases, it must be stated in the Report of Factual Findings that a Management Letter has not been issued for this reason.

The Objectives section of a Terms of Reference template should describe desired achievements at different stages of project lifecycle. It should also state the primary objectives of the project, which must be achieved upon success project completion. Any project involves a number of issues and problematic areas that must be addressed in order for the project to be implemented smoothly.

The issues are the points of discussion or dispute throughout the project lifecycle. They cover any concern, query, request for change, or anything else that requires a resolution during the project. Unresolved issues may cause project failure. The Issues section of a TOR template should highlight key issues to be studied and disputed at every stage of the project lifecycle. Usually TOR includes a range of evaluation criteria to be used for issue analysis and solving.

Here are generic issue evaluation criteria for most projects:. The implementation methodology of a project provides a set of broad principles and rules from which specific procedures will be derived in order to define how to carry out the project in a cost-effective way. It describes the main methods of project implementation.

The Methodology section of a Project Terms of Reference template should therefore include a description of the following items:. The expertise needed for doing a project defines a set of professional requirements for the individuals and teams involved in project implementation.

It will be the basis for team building, including training and skill assessment. Reports provide valued information about project performance over a certain period. Reporting is a process that starts once a project is launched and continues until the project is completed and its product is handed over. Reporting requirements will define how to write and submit project reports and what information to include.

The Reporting Requirements section of a Terms of Reference template should clearly specify the requirements for the reporting process, and might include the details of:. A work plan is a kind of strategy that aims to help solve problems throughout a project and boost employee drive and focus. It determines what actions need to be taken to start, implement, and complete the project within a specified time period and under defined budget. It is often used as a general guide for developing a project implementation plan.

It should therefore include a summary of the anticipated work and time schedule, which are based upon the following:. Tags: document implement template.