The audit plans are approved by the respective Audit Committees, which are reviewed annually to take into account issues and risks identified and changes in priority. The review plans for the University and HKU SPACE are based on the following time frame :
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The University : 7-year Plan
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HKU SPACE : 5-year Plan
The rationale of the audit plans is to ensure overall coverage of all departments and central funds according to the structures of the University and HKU SPACE. Factors such as distribution of the faculty departments and administrative units / central funds in each year, and appropriate frequency of each cycle of audits are considered.
The following are the major objectives of the reviews :
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Reliability and integrity of management structures and internal control measures;
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Risk management and controls;
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Economical and efficient use of resources;
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Compliance with policies and procedures; and
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Safeguarding of assets.