Internal Audit work
Internal Audit is an independent appraisal function within King's College London that provides a service to the whole organisation, including King's College Council and all levels of management. This responsibility extends to reviewing all of the university's activities, financial and otherwise.
The Department of Business Assurance is responsible for providing the Council and the Principal with assurance on the adequacy and effectiveness of the university's arrangements for risk management, control, governance and value for money. It is however the duty and responsibility of management to operate these arrangements.
The responsibilities of Internal Audit reflect the requirements contained within the ‘Memorandum of Assurance and Accountability. The Audit Code of Practice is contained in Annex A of this memorandum document and provides details of the mandatory requirements of the internal audit function. Compliance with the code is a condition of the HEFCE annual grant.
Internal Audit will undertake a programme of work approved on an annual basis by the Council on the advice of the university Audit, Risk and Compliance Committee. This work provides for a continuing evaluation of the effectiveness of internal controls and the achievement of value for money, as well as the assessment of the university's risk management and governance arrangements. The annual audit plan is linked closely to the university's risk register and will include, at the direction of management, thematic risk reviews.
Business Assurance and other work
In addition to the above planned work, Internal Audit also carries out a range of other work, including business assurance reviews of efficiency, as well as support in relation to risk management and business continuity planning. It may also conduct special reviews and investigations as requested by the Council, Audit, Risk and Compliance Committee, the Principal or senior management.
In conducting audit and related work the Department of Business Assurance will have regard to the requirements laid down in the university's Manual of Financial Regulations and Procedures.