Responsibilities

In accordance with  the Public Finance Management Act 2015,  the International Professional Practice Framework 2017"  developed,  by the  Global  Institute of Internal  Auditors,  the responsibilities of the Audit Committee shall be to:

• Approve annual and operational plans of the Directorate of Internal Audit
• Review adequacy  of  Internal Audit Directorate, its adherence to professional standards, particularly independence, good standing, Wide scope, efficient resources   utilisation, and good reporting arrangements:
• Consider objectives and scope-of-any-additional. work undertaken by internal auditors to ensure there  are no conflicts of Interest and that independence   is not compromised;
• Review   arrangements established  by  Accounting  Officer for compliance with regulatory and financial reporting requirements and ensuring that there are adequate internal control systems
• Present concerns of the  internal audit  to  the Vice  Chancellor Accounting Officer, Internal Auditor General, and University Council;
• Assist  the  Accounting  Officer in carrying  out the oversight responsibilities relating  to financial practices, internal controls, corporate  governance   issues, compliance   with  laws, ethics  and audit  matters;
• Review the-arrangements-established by the  Accounting Officer for  compliance  with  the  regulatory  and financial reporting requirements;
• Review  the financial statements prepared by the Accounting Officer to ensure that the disclosure in the financial statements is adequate and that fair representation is achieved.
• Facilitate risk assessment to  determine  the  amount  of  risk exposure of the assets of the Vote and the possibility of loss that may occur; with a view  to mitigating-risks; and
• Reports submitted by the' Internal Auditor to.  the Accounting Officer under Section  48 of  the PFM  Act 2015  and make recommendations on the findings  of the  Internal  Auditor.

In addition to other provisions in the PFM Act 2015, the Audit committee shall:

• Conduct periodic self-assessments;
• Develop.an annual work plan for its activities;
• Liaise with the Of pee of the Internal  Auditor General to ensure coordination of audit efforts;
• Review the extent of implementation of the recommendations made by External auditors; and
• Present quarterly  reports to the  University  Council  about Committee activities; findings and related recommendations