Internal Audit
Internal Audit is an administrative unit of the University of Graz which, according to the business plan, is assigned to the Rector.
Definition
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.
Definition according to the International Standards for the Professional Practice of Internal Auditing 2017
Tasks
The basic tasks of internal auditing
- Audit of all internal processes at the university.
- Control and evaluation of the functionality of risk management and the internal control system.
- Review of compliance with the principles of legality, efficiency, economy, appropriateness and transparency.
Definition of terms
The audit of legality by Internal Audit refers to compliance with laws, regulations, guidelines and ethical standards.
Efficiency refers to the ratio of benefits in relation to the resources utilized. In the context of a university, efficiency could mean that examination and control measures are designed to maximize the benefit of available resources.
Economy is the responsible and efficient use of resources, especially financial resources. Examples include careful planning and control of expenses, the avoidance of waste, the pursuit of cost-effective solutions and the adherence to budgets.