The Internal Audit Office (IAO) was set up in January 2005 by the University Council on the recommendation of the Audit Committee. We report administratively to the President and Vice-Chancellor via the Executive Vice-President (Administration and Finance), and functionally to the Council's Audit Committee and HKU SPACE Audit Committee.
Our mission is to provide a professional and cost-effective internal audit service to the University. Our major work is to take a reviewing role to ensure that all financial and administrative aspects of the University are being dealt with under proper systems and procedures, resulting in mitigating the associated risks. We attempt to assist faculties / departments, both academic and non-academic, in effectively discharging their responsibilities by furnishing them with analyses, appraisals, and recommendations concerning the operations or activities reviewed.
We accomplish our mission by :
Reviewing and appraising all University Faculties, Departments, Units and Central Funds. The reviews will cover the major financial administration aspects, and include the following areas :
financial and budgetary controls;
financial and operating data reliability, adequacy and integrity;
compliance with the University's policies and procedures;
accountability on resources, including space and staff, their organisation, duties, responsibilities and usage of time.
Conducting examinations according to circumstances and at the request of the Audit Committee and management on specific cases, which may involve fraud, misconduct, economy and efficiency in deployment of resources;
Giving commentaries and providing advice to audited 'entities' on matters related to finance, controls, space and staff resources, delivery of administrative and support services, including their cost effectiveness and value for money.
The University's Audit Committee is established by the Council. Background of the Audit Committee could be referred at para. 3.8 - 3.11 of the University's Guide and Code of Practice for Members of the Council. The HKU SPACE Audit Committee reports to the Board of the School.