Internal Audit Unit

The  Internal Audit Unit is responsible for assisting  LGTI Management to accomplish its objectives by bringing a systematic, disciplined approach, evaluate and improve the effectiveness of risk management, control, and governance processes.

Duties of Internal Audit Unit

• To develop efficient and effective internal auditing systems
• To ensure that financial procedures throughout all LGTI departments comply with LGTI standards and that the limits of authority on all matters involving finance are adhered to;
• To maintain a check on the accuracy of accounting records throughout the LGTI and on the observance of standard practices and procedures;
• To carry out both regular and random investigations of departmental accounts both academic and administrative;
• To prepare and conduct periodic reviews of Internal Audit Manual which prescribes the internal audit approach, methodology, policies, procedures and guidelines
• To verify LGTI income from source to bank and satisfies self that expenditure is properly incurred according to approved policy and efficiently charged to relevant heads;
• To evaluate internal controls to ensure that accounting systems provide adequate, timely and accurate information, protection against loss through negligence, dishonesty or otherwise;
• To make recommendations to the relevant authority about checks and changes in the accounting systems and controls and the adequacy of security arrangements within the systems used by the Finance Department, particularly within computerized systems;
• To authorize changes from time to time in passwords governing access to computerized systems within the Finance Department;
• To check that Heads of Department, maintain inventory of furniture, equipment, and other moveable assets in accordance with LGTI policy;
• To provide information and advice to budget holders to facilitate the most efficient use of the LGTI's financial resources;
• To advise the Rector on the need to update or otherwise change of manuals of financial policies, regulations and procedures.
• To build up an effective liaison with the external auditors;
• To report immediately any suspected occurrence of dishonesty to the Rector or in his absence, to the immediate authority.
• To prepare and ensure implementation of annual internal audit plans and strategies;
• To manage the risk assessment process of the LGTI and advises the Management accordingly;
• To approve the audit schedules and works plans of subordinates, ensures execution of internal audit assignments in all audit centers and for all operations of the LGTI, reports on the internal control weaknesses and recommend improvements;
• To ascertain the reliability of management data and information;
• To review Management practices and assess whether they promote efficiency, economy and effectiveness;
• To report cases of loss or attempt to occasion loss due to misuse of resources, misappropriations or fraud;
• To ascertain compliance to applicable laws and regulations; internal policies and procedures; and plans and budgets;
• To prepare periodic Internal Audit Reports for the LGTI and the Management and advices the LGTI and Management on internal control and related matters;
• To ensure regular follow up of internal and external audits to ensure that queries are replied and recommendations are implemented;
• To ensure execution of special investigations, special inspections and surprise checks as may be ordered by the LGTI Council, Rector or as may be deemed appropriate;
• To ensure compliance to Accounting, Auditing and other applicable standards and guidelines set by professional bodies;
• To review annual financial statements before their submission to external auditors and advise the Management accordingly
• To ensure quality control in the execution of audits and discharge of the internal audit function including reviews of audit files and audit reports submitted by subordinates and ensuring proper maintenance of internal audit records;
• To prepare the annual budget for the Unit and monitors and control the budgeted resources;
• To set periodic work targets for internal audit staff, conduct performance appraisals, recommends staff development strategies and ensures optimal utilization of audit personnel;
• Secretariat to Audit Committee.