Posted on 18/11/2013
The College Secretary and Registrar is pleased to announce that Deloitte has been appointed to provide the internal audit service to Royal Holloway from 1 August 2013. Deloitte is one of the Big Four accounting firms, with a wealth of experience in the Higher Education sector. The internal audit service is being led by Richard Evans, Engagement Director for Internal Audit Services to Higher Education in the UK. He will be supported by Richard Neal, Audit Manager and Steven Amir, Field Manager.
This independent assurance and consulting activity is designed to add value and improve an institution’s operations. Deloitte will provide Royal Holloway’s Audit and Compliance Committee with an opinion on risk, control, governance, and value for money. In the process, potential areas for improvement will be identified based on industry best practice.
Frequently Asked Questions
When will I be audited?
Audit work is defined in the annual internal audit plan, which is approved by the Audit and Compliance Committee.
The plan ensures that all Royal Holloway departments participate in some form of audit over the course of a three year cycle. Most departments have contact on more than one occasion during the three year period.
Around the beginning of the academic year, senior managers will be notified if their departments are scheduled for audit that year.
Who is involved?
The relevant Director and/or Head of Department take overall responsibility for the audit. This person is known as the ‘Audit Sponsor’.
Regular liaison may be delegated to other members of staff, but the audit sponsor is required to formally agree the scope of work, attend key meetings and provide written management responses to the draft audit report.
What is expected of me?
Co-operation and assistance throughout the process will assist the auditors in completing the work as efficiently as possible. The main areas of involvement for Audit Sponsors are:
- In scheduling audits that have been agreed as part of the Annual Internal Audit Plan
- In identifying and agreeing the specific scope for each individual internal audit
- In making key staff and documentation available to the auditors during the scheduled dates for the audit fieldwork
- In responding to Draft Reports with full management responses to each of the recommendations within the specified deadlines?
What is the process following the audit?
Ten working days after the closing meeting held at the end of an audit, a draft report is sent to the audit sponsor.
Each recommendation is graded on a priority scale from 1 – 4 with ‘1’ indicating a ‘fundamental concern’ to Royal Holloway’s operations and ‘4’ being concerned with administrative issues.
Deloitte gives its opinion in the report, summarising their overall view of the design of the controls for the audit area and how well those controls are functioning. Their opinion, that is, the level of assurance that they are able to provide on the adequacy and effectiveness of controls, is graded as ‘full’, ‘substantial’, ‘limited’, or ‘nil’.
A final report is produced, recording the findings and recommendations from the audit, including management responses. The final report is issued within ten working days of receipt of management responses it is agreed with the Audit Sponsor and then presented to the Audit and Compliance Committee.
The final step is to follow up on the recommendations of the internal audit to ensure that these are being implemented and that risks are being addressed. This step will be led by Royal Holloway’s Internal Audit Manager, Kay Trinder.