Rannóg Iniúchta Inmheánaigh -
Internal Audit at Dublin Institute of Technology
The role of Internal Audit is to provide independent assurance to the Governing Body through the Audit Committee that the organisations risk management, governance and internal control processes are operating effectively.
Internal Audit considers the key risk areas across the entire spectrum of business activities, which includes issues such as financial risk, reputation risk, the operating environment, growth and culture, as well as impact on the environment and employees. Internal Audit monitors and evaluates the adequacy and effectiveness of the System of Internal Control within the Institute.
Internal Audit plans are approved by the Audit Committee and audit staff present reports on the work of internal audit to the Audit Committee at every meeting. An Annual Report is prepared to summarise and to highlight significant control and risk issues.
Internal audit provides a consulting service for Management to aid the identification of risks and makes recommendations to management about improving the operational, financial and governance control systems with a view to attaining best value for money in DIT.
Internal Audit is required to deliver impartial and unbiased judgements. To enhance this objectivity, Internal Audit will remain independent of the activities audited.
Internal Audit abides by the Code of Ethics and International standards laid down by the Institute of Internal Auditors.
The Institute of Internal Auditors defines Internal Auditing as 'an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.'
- The Audit Committee was established by the Governing Authority of DIT in 1996.
- The Internal Audit Unit derives its authority from the Governing Body through the Audit Committee and the President of DIT.
- Code of Goverance of the Irish Institutes of Technology (as revised in Jan 2012)