The Code of Governance for Irish Universities 2019 highlights that internal controls are important and integral parts of a performance management system and crucial to the achievement of outcomes.
As per the Code, each university is required to put in place stringent internal controls which the Governing Authority is responsible for. In line with the Code provisions, UL has a properly constituted independent internal audit service.
Internal audit is an independent, objective assurance and consulting activity designed to add value and improve the University’s operations. It helps the University accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
UL Internal Audit
The mission of the Internal Audit is to provide independent and objective reviews and assessments of the University of Limerick’s activities, operations, financial systems, internal controls sand corporate governance processes. It also provides analysis to ensure that UL is in compliance with policies, accounting standards, procedures and legislation. Each assignment undertaken by the Internal Audit is intended to provide an independent objective assurance as well as recommendations designed to add value and improve the operations of the University.
UL Internal Audit derives its authority from the President and the Governing Authority through its Audit and Risk Committee . UL Internal Audit has direct access to the Chairperson of the Audit and Risk Committee and to the President in the performance of the internal audit function. UL Internal Audit will have access to the Governing Authority through its Audit & Risk Committee.
The Internal Audit Charter outlines the terms of reference, purpose, roles and reporting structure of the Internal Audit in UL.