Audit Services

Audit Services has been charged with the following mandate by the Audit and Risk Management Committee of the Board of Governors through the University of Manitoba Audit Services Policy:

"To provide the Board of Governors and University Administration with objective assurance and consulting services through the delivery of a comprehensive, risk-based internal audit plan."

The Audit Services office has adopted the Institute of Internal Auditors (IIA) definition of Internal Auditing.

"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes." - June 1999.

Internal vs. External Audits

Audits at the University of Manitoba are generally seen as two distinct functions: internal and external. 

An External Audit is performed by an external entity.  The audit of the University’s financial statements is a primary example.  The University of Manitoba Act requires the Auditor General of Manitoba (OAG) to annually render an opinion on the fairness of the University's financial statements; and to comment on any other matter within the scope of the examination.  Within this mandate the OAG can also conduct special examinations that focus on areas of risk related to the performance of University programs. Other external bodies also conduct audits or assurance reviews at the University including Tri-Council and Workplace Safety & Health. 

The Internal Audit function is performed by the University of Manitoba's Audit Services office.  The Audit Services office provides both assurance and consulting services to University Units in accordance with Audit Services Policy.  Audit Services prepares an Annual Audit Plan which is approved by the Audit and Risk Management Committee of the Board of Governors.  As considered appropriate, the office may also carry out any special tasks or projects requested by the Audit and Risk Management Committee or Senior Management.

Independence and objectivity are cornerstones of an effective audit process. Just as the Auditor General of Manitoba is independent of the University of Manitoba, auditors within the University of Manitoba Audit Services office are independent of the activities they audit; and are not directly responsible for any of these activities.  Internal auditors may provide advice but do not make management decisions or engage in any line activity that would compromise their independence and objectivity.

As with all University staff, Audit Services is here to make the University the best that it can be.  Examples of common audit activities include:

• Assisting staff in their knowledge of and compliance with University Policy and Procedures  
• Educating staff on Risk and Internal Control concepts to improve risk management 
• Assessing the integrity of Internal Controls
• Sitting on advisory committees to provide assurance that risk and control are adequately addressed
• Reviewing systems and transactions when there is a suspected fraud 
• Providing consulting advice and assistance to Units 
• Reviewing University projects and activities for operational efficiency and effectiveness

Audit Services reports functionally to the Audit and Risk Management Committee formally three times annually, and Administratively to the Vice-President (Administration).

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