FAQ

Q1: How is an audit carried out?

An audit typically involves the processes of planning, fieldwork, reporting and follow-up review. For details, please refer to the Audit Process.

The duration of an audit varies depending on its scope and complexity of the audit. The cooperation and assistance provided by the auditees are essential for an efficient audit, especially regarding the availability of documentation and the scheduling of interviews or meetings. The IAO will make every effort to ensure that the audit schedule is mutually agreed upon and minimizes the disruptions of the operations being audited.

Your department has been chosen for an internal audit as per the audit plan approved by the Audit Committee. This selection does not imply that there are any issues within your department.

The IAO will notify the head of the auditee department. The head will be requested to designate a staff member to serve as the point-of-contact for facilitating the internal audit processes, such as gathering required information, arranging interviews or meetings, coordinating onsite visits, and other activities as needed based on the audit scope.

As mentioned in Q4 above, with the assistance of the designated point-of-contact staff, please gather and organise the relevant required documents for our review or data for analysis. It is important to note that we do not require you to create or compile any new reports solely for the audit purposes. Besides, interviews and onsite visits will be scheduled with individual staff members when necessary. Please share your understanding or any concerns regarding the processes we have inquired about. We appreciate your assistance and support throughout the audit processes.

The IAO upholds a strong commitment to safeguarding personal and sensitive information by handling all shared data with professionalism and diligence. Access to this information is restricted solely to authorised IAO personnel for audit purposes. Measures are in place to securely store information and protect its confidentiality.

We are dedicated to upholding transparency throughout our process and aim to avoid surprising the auditee. During our fieldwork, initial observations will be communicated with the respective staff. Before the draft report is issued, communication will be conducted to discuss all findings and explore recommendations to ensure their accuracy and feasibility.

Upon completion, the internal audit reports will be sent to the management of the auditee (e.g. Dean of Faculty, Department Head, Head of administrative units) with a copy to the President and Vice-Chancellor for information. The report will also be submitted to the Audit Committees. Significant issues identified in the report will be presented during the Audit Committee meetings for members’ attention and comments.

According to the Institute of Internal Auditors (IIA), internal control is defined as any process implemented by an organisation’s board of directors, management, and other personnel to manage risks and enhance the likelihood of achieving established objectives and goals. In a university, these objectives and goals encompass various aspects such as the effectiveness and efficiency of operations, reliability of financial reporting, safeguarding of assets, and compliance with applicable laws and regulations.

An example of internal control is implementing door access control systems to prevent unauthorised access to a laboratory.

External financial audit is a statutory requirement, involving the engagement of an independent audit firm to review and examine the financial statements of the University, ensuring they present a true and fair view in accordance with the relevant accounting standards.

Internal audit at the University is carried out by the IAO with the key objective of providing independent and objective assurance and advisory services to enhance the governance, risk management, and control processes in alignment with the University’s vision and strategic development.

If you have any concerns regarding the internal audit, please feel free to reach out to the project manager assigned to your audit or directly contact the Director of Internal Audit for further discussion. Your feedback is valuable to us.

In order to promote good governance and accountability, the University encourages its staff and students as well as members of the public to report illegality, irregularity, malpractice, unethical acts or behaviours, and inappropriate conduct or actions.

For details, please refer to the “Whistle-blowing” Policy Statement of HKU.

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