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Internal Audit Policy

1. Purpose

To ensure the Canberra Institute of Technology (CIT) internal audit function is conducted in accordance with the ACT Government Framework for Internal Audit Committee and Function (February 2020), the CIT Internal Audit Charter and the International Professional Practices Framework (IPPF).


2. Scope

This policy applies to all audit activities conducted at CIT relating to the strategic objectives of CIT.


3. Principles

3.1 Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations (IPPF definition).

3.2 The CIT Board is responsible for establishing the CIT internal audit function.

3.3 A written charter for the internal audit function will be developed and approved by the CIT Board and the Audit Committee. The charter must be reviewed and updated annually for continued relevance.

3.4 The Head of Internal Audit at CIT is the Executive Director Corporate Services.

3.5 The internal audit function is oversighted by the CIT Audit Committee and managed by the Head of Internal Audit, with support provided by Audit, Risk and Corporate Governance (ARCG).

3.6 Internal Audit is responsible for:

  • all internal audit activity
  • assisting the Audit Committee to discharge its responsibilities
  • reviewing strategic risks
  • fraud and corruption prevention control
  • strengthening internal controls
  • monitoring the implementation of agreed recommendations from audit activities through the Audit Recommendations Register
  • disseminating better practice and lessons learnt from audit activities across CIT.

3.7 The Head of Internal Audit, in consultation with the CIT Executive, Directors and Senior Managers, will develop an annual internal audit program, based on CIT strategic risks, for the endorsement of the Audit Committee in accordance with its Charter.

3.8 Internal audit activities will remain free of influence and interference by any organisational elements for scope and reporting.

3.9 Auditors will adopt a consultative and advisory approach with CIT staff when undertaking audits and reviews.

3.10 CIT staff must cooperate fully in making available any material, system or information requested by any auditor.

3.11 Audits and reviews may be conducted by CIT staff or external consultants.

3.12 CIT staff who conduct internal audits or reviews will have the relevant skills and knowledge to conduct the audit.

3.13 Contracted auditors will be selected in accordance with ACT Procurement practices and guidelines. Auditors will be required to have the appropriate qualifications, be impartial and objective, and conduct audits according to the IPPF.

3.14 Reports from all audit activities will be provided to Audit Committee for endorsement.

3.15 An independent external review of the internal audit function must be undertaken at least once every five years.


4. Documentation

ACT Government Framework for Internal Audit Committee and Function (February 2020)
Financial Management Act 1996
Auditor General Act 1996
International Professional Practices Framework (Institute of Internal Auditors) [IPPF]
Better Practice Guides Australian National Audit Office (ANAO)
CIT Audit Committee Charter 2020
CIT Internal Audit Charter 2021 (CIT Staff Only)


5. Definitions

All terminology used in this policy is consistent with definitions in the CIT Definitions of Terms.


6. Policy Contact Officer

For more information about this policy contact the Manager Audit, Risk and Corporate Governance.

Contact CIT Student Services on (02) 6207 3188 or email infoline@cit.edu.au.


7. Procedures

This policy is implemented through the associated procedures. Authority to make changes to the procedures rests with the policy owner.


POLICY INFORMATION
Policy No: 2017/883
Approved: September 2021
Next Review: September 2022
Category: Corporate Policies
Policy Owner: Executive Director, Corporate Services
PROCEDURES/DOWNLOADS
procedurepdf Internal Audit and Review Procedure
(PDF File 274.2 KB)

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