Internal Audit Service

Welcome

We are the Internal Audit Service (AUDIT), an independent function providing an internal audit service to management and the Council of Swansea University. This is achieved through the review of the effective operation of financial and operational control systems. We plan and carryout internal audits of Swansea University schools and departments.

IIA

What is internal audit?

According to the Institute of Internal Auditors (IIA), “internal auditing is 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.”

More Information

This short YouTube clip explains exactly what an internal auditor does. You can also see our useful audit definitions below. For more information about what we do specifically within the university, visit our pages on how we plan and carryout an internal audit.

Useful Audit Definitions

Risk

A number of possible circumstances that deter the achievement of set objectives. The IIA (Institute of Internal Auditors) define risk based internal auditing as a method which links internal auditing to an organisation's overall risk management framework, allowing internal auditors to provide assurance to the board that risk management processes are managing risks effectively.

Internal Control

A management function of acting to ensure that objectives are achieved, including effectiveness, economy, efficiency, compliance (policies procedures statutory), safeguarding assets, integrity and reliability of management information.

Value for Money

Designed to ensure that the University receives optimum value for each pound spent, involving performance and quality factors as well as cost, through:

Economy: minimising cost of resources of an activity, having regard to quality;

Effectiveness: extent to which objectives are achieved;

Efficiency: relationship between output in terms of goods and services, and the resources consumed.

It should be noted therefore that value for money does not always mean the selection of the cheapest option, but encourages the selection of the most cost-effective option.

System

The process by which a series of related activities are designed to operate together to achieve a planned objective.