The Higher Education Funding Council for England (HEFCE) considers that internal audit is a vital element in good corporate governance since it provides a university's governing body, its audit comittee and its accountable officer (the Principal) with independent assurance about the adequacy and effectiveness of risk management, control and governance, and its achievement of Value for Money (VfM).
The HEFCE Memorandum of Assurance and Accountability requires every university to have a suitably resourced internal audit function which must comply with the professional standards of the Chartered Institute of Internal Auditors. The scope of the internal audit function must encompass all the univeristy's activities, the whole of its risk management, control and governance systems, and any aspect of VfM delivery.
The internal audit function is provided at King's College London by an in-house team, which was established to undertake audit work in accordance with a plan which is formally approved by the university's Audit, Risk and Compliance Committee. The range of audit work at King's includes business assurance and efficiency reviews in support of management's objectives to ensure that the university functions at its optimum in business terms.
Support and advice
Internal Audit currently has five members of staff and any member of the team is happy to provide assistance, support and advice on matters concerned with systems or control issues or with the promotion and achievement of Value for Money. Please contact us for advice or support.