The Audit Committee derives its authority from the University Council and national laws and auditing standards. Its rights and obligations are defined in the Public Finance Management Act 2015, regulations, and professional practice standards for internal auditing. The committee has the authority to conduct or authorize investigations and can seek information from university officers and access the services of professional counsel and relevant university and government organs.
The primary role of the Audit Committee is to assist the University Council in overseeing financial reporting, internal control enforcement, the audit process, risk management, and compliance with laws, regulations, and codes of conduct. The committee's charter provides guidance and establishes its objectives, authority, composition, roles, responsibilities, and communication channels.
In accordance with the Public Finance Management Act 2015 and the International Professional Practice Framework 2017, the responsibilities of the Audit Committee shall be:
Approve annual and operational plans of the Directorate of Internal Audit.
Review the adequacy of the Internal Audit Directorate, ensuring adherence to professional standards, including independence, good standing, wide scope, efficient resource utilization, and good reporting arrangements.
Consider objectives and scope of any additional work undertaken by internal auditors to prevent conflicts of interest and maintain independence.
Review the arrangements established by the Accounting Officer for compliance with regulatory and financial reporting requirements and ensure adequate internal control systems.
Present internal audit concerns to the Vice Chancellor, Accounting Officer, Internal Auditor General, and University Council.
Assist the Accounting Officer in overseeing 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 regulatory and financial reporting requirements.
Review the financial statements prepared by the Accounting Officer to ensure adequate disclosure and fair representation.
Facilitate risk assessment to determine the risk exposure of the assets and potential losses, with the aim of mitigating risks.
Review reports submitted by the Internal Auditor to the Accounting Officer and make recommendations on the findings.
In addition, the Audit Committee shall:
a. Conduct periodic self-assessments.
b. Develop an annual work plan for its activities.
c. Coordinate audit efforts with the Office of the Internal Auditor General.
d. Review the implementation of recommendations made by external auditors.
e. Provide quarterly reports to the University Council on committee activities, findings, and recommendations.
The Committee is composed of members with diverse backgrounds and expertise in finance, accounting, or audit to ensure that the University's internal audit function is effective and independent. Members of the Committee are appointed by the University Council for a period of two years and are eligible for reappointment for another term
The Audit Committee comprises of 7 members, including:
- One member of the University Council (Chairperson)
- The University Secretary
- The Director of Internal Audit
- Two members of the University Senate
- Two external members with expertise in finance, accounting, or audit
- One member of the University Council (Chairperson)
- The University Secretary
- The Director of Internal Audit
- Two members of the University Senate
- Two external members with expertise in finance, accounting, or audit