Business Assurance at the University of Wollongong emphasizes:
Utilising audits and other tools as a means of risk mitigation, performance evaluation and strengthening controls to achieve UOW goals;
Compliance with required legislation and professional standards;
Preventing corruption and fraud;
Working in partnership with key stakeholders to achieve common objectives.
What is an Assurance Activity?
An assurance activity is an activity in which an assurance provider expresses a conclusion designed to enhance the degree of confidence of the intended users (other than the responsible party) about the outcome of the evaluation or measurement of a subject matter against criteria.
Assurance activities involve the internal auditor's objective assessment of evidence to provide an independent opinion or conclusions regarding an entity, operation, function, process, system or other subject matter. The nature and scope of the assurance activity are determined by the internal auditor. There are generally three parties involved in assurance activities:
- the person or group directly involved with the entity, operation, function, process, system or other subject matter - process owner;
- the person or group making the assessment - the internal auditor; and
- the person or group using the assessment - the user.
In the context of the Three Lines of Defence model the users are Executive Management and the University Council or one of its committees.
[Adapted from the International Standards for the Professional Practice of Internal Auditing.]
What is Internal Audit?
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance process."
[Source: International Professional Practices Framework (IPPF), The Institute of Internal Auditors Research Foundation, Florida USA, January 2011.]
Offering Independent Analysis
Business Assurance has carried out assessments covering amongst many things, financial processes and systems; compliance, legal requirements and regulation; key business process improvements; and safeguarding of assets.
Team members utilise methodologies and approaches that recognise UOW objectives, strategies and goals; aim for efficiency gains and performance enablers; are conscious of emerging key risks and effective management of changes; and incorporate drivers in due diligence, quality assurance and corporate governance requirements that meet the IPPF.
Please email email@example.com if you have any queries about Business Assurance and its activities - especially on how we can assist you in achieving our common goals for UOW.