Audit Committee
TERMS OF REFERENCE OF AUDIT COMMITTEE
Determine the scope and responsibilities of the Internal Audit Division of the University.
Preview and recommend the annual audit plan and the work program.
Review, evaluate and recommend new internal control systems covering accounting, financial and operational aspects of the University.
Review preliminary internal financial statements including budgets, review reports and evaluate cost effectiveness, performance and meeting targets.
Review the audit report received by the University and recommend suitable action, where appropriate to the Council.
Review performance at regular intervals for cost effectiveness and to eliminate wasteful expenditure etc.
Review financial statements to ensure compliance with Accounting Standards and other applicable legal requirements.
Review implementation of recommendations / directives of the Committee on Public Enterprises (COPE).
Prepare reports on the findings of the Committee for inclusion in the annual report.
Ensure timely submission of final accounts and annual reports etc.
Interaction with the internal auditors and external auditors.
Create awareness on requirement for compliance with Treasury Circulars and other directives.
Review matters pertaining to elimination of waste and corruption and make the organization cost conscious.
Monitor actions, rectifications and measures recommended by the Committee implemented.
Review the annual Procurement Plan, Action Plan and Corporate Plan.
Ensure that all relevant rules, regulations and circulars issued by the Government are complied with continuously reviewing, monitoring and making recommendations to the Council on non-compliance.
Submit its observations on the above matters to the Council of the University with recommendations for necessary action.