The Risk Assurance team carry out audits within the University to review processes and functions, financial and otherwise. These cover the full range of the University environment. Some are standard financial audits whilst others are in line with the University strategy.

We carry out a programme of work as agreed by the Audit, Risk & Compliance Committee and this provides a continuing evaluation of the effectiveness of internal controls and the assessment of whether value for money has been achieved.

We also review the risk management arrangements of the University and governance processes and ensure that risks are assessed and that adequate controls are in place to mitigate the risks.

Our work includes:

• Internal audits – value for money, efficiency, strategic management reviews.
• Special investigations.
• Attendance at committees to inform and engage with staff and encourage good practice.
• Regular meetings with University stakeholders.
• Follow-up on audit actions to ensure that they are implemented.
• Regular fraud testing.

Examples of where Risk Assurance have added value to the University’s mechanism:

• Improving communications between faculties where functions involve multiple parties.
• Highlighting issues that need senior management attention.
• Recognising recurring themes in order to make recommendations to management for change.

The audit plan for Risk Assurance for 2023-24 is as follows:

• Integrated planning process
• Bank reconciliation
• Year-end financial processes
• Tuition fees
• Over-arching internal controls in the finance system (Business World)
• Management of Corporate Contracts
• TEF processes/Assessment – Lessons learnt
• Systems and processes around Flexible Curriculum & King’s Edge
• Induction at King’s (Welcome to King’s)
• Personal Tutoring
• Library Services
• Faculty of Law
• Professional and Continuing Education (PACE)
• King’s Forensics
• Performance Development Review (PDR) – Academic
• Performance Development Review (PDR) – Professional Services
• HR Information checks
• Cleaning, Custodial and Campus Services – Value for money
• Estates Planning and Development
• Space Management
• Academic Technical Support Services
• Workforce Data and Reporting
• Workforce Complaints Processes
• Counter-Fraud testing

Please contact us if you have any queries about the above or if you can contribute to any of the reviews planned for this year.

If you feel that an area should be audited or a special investigation carried out, please email Victoria Metham, Director of Risk Assurance.