Scope of work performed by IAO includes the following but is not limited to:

• Review the reliability, integrity, security and adequacy of financial and operating system and information;

• Provide audit and advisory services on internal control and governance processes to the Board;

• Review the efficiency and effectiveness of operating activities and provide assurance as to whether resources are used effectively, efficiently and economically;

• Review systems of safeguarding assets and assure existence of assets; and

• Evaluate risk exposures relating to the University’s governance, operations, and information systems regarding the achievement of the University’s strategic objectives.

Role and work performed by the IAO does not replace the responsibilities of the University’s management for the long-term development, implementation, maintenance and review of control systems under their care.

Management should not rely solely on the results of internal audit for their monitoring of day-to-day running of the operations and systems.

IAO may also conduct any special reviews and investigations as requested by the Audit Committee or the Board.