Internal Audit

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The Internal Audit Department acts as the assurance body of the University. It is our commitment to endow the University with an independent appraisal of its financial, operational, and control activities

We at Internal Audit are trained professionals with degrees in accounting, computer science or related fields. Our primary focus is to provide excellent service to the University. We are dedicated to the highest degree of fairness, integrity, and ethical conduct in the performance of our duties.
Using our knowledge and professional judgment, we will provide University administrators, directors and their staff with an independent and objective evaluation of the effectiveness, efficiency, and application of accounting, financial and other internal controls necessary to accomplish University objectives. In addition, Internal Audit conducts investigative audits in situations where allegations of fiscal misconduct or conflict of interest arise.

This site will be used to update you on information regarding common findings in our audits and reviews, replies to queries submitted, or simply advice on how to further strengthen existing internal controls for a more cost-effective operation. We will continue to work to make the material on our site relevant, timely, and useful.

Take your time to look through our site to know us better. We gladly appreciate any comments and suggestions from you.

HISTORY OF INTERNAL AUDIT DEPARTMENT

The Internal Audit Department (IAD) was organized in the University of San Carlos on August 01, 1982, appointing Ms. Salvacion A. Trinidad as the Internal Audit Manager. Since then Ms. Trinidad has served as the Audit Manager for close to twenty-four (24) years. With her leadership, the Internal Audit Department provided management with constructive criticism and positive recommendations designed to strengthen and improve performance results and cost effectiveness of University’s operations.

The Internal Audit was an integral part of the Finance Division attached directly to the Vice President for Finance. The IAD then pre-audited all transactions for their recommending approval.

When the Finance Division reorganized in SY2003-2004, the IAD was made to directly report to the Office of the President, and thus, physically it relocated its office in February 2004 from the Finance wing to its new location at the Ground Floor, USC Main Campus, the first office to the left of the USC Main Campus Information Counter. 

With the organizational shift, the IAD was likewise restructured. The audit scope was divided into three main audit areas, namely; the Financial, Operations and Information Technology. Each audit area has its own field of expertise which is regularly coordinated with the other areas in the conduct of examination. The IAD at present, functions as a reviewing body (through its post audit function) not only of the Finance Division but of all the other operating units within the University structure to ensure the accuracy and reliability of accounting and other data and timeliness of report as the essential input to the decision making process. In this regard, it serves as an active link between the Finance Committee of the Board of Trustees and the USC Finance Team in seeing to the proper implementation of Board decisions. The Finance Team is composed of the following:
  • Chairperson of the Committee
  • Vice President for Finance
  • Internal Audit Manager
  • Comptroller
  • Treasurer
  • Financial Analyst
  • Head of Budget and Procurement
  • Fund Officer
  • Budget Officer
  • Head of Financial Audit
  • Head of Operations Audit
INTERNAL AUDIT STRUCTURE



FACILITIES AND SERVICES

Mission
  • Promote good stewardship of University assets and resources to uphold the highest level of I integrity.
  • Provide an independent appraisal of the adequacy and application of internal controls.
  • Assess operations and activities and present quality advice which will assist management at all levels in achieving objectives consistent with the University's strategic plan.
Vision
  • Sustaining the office as a sought-after resource and integral part of the USC management support team
  • Maintaining constant vigilance to ensure that services provided address priority and high risk areas of USC
  • Building and maintaining professional and cordial working relationship with the USC Community
  • Serving USC with professionalism, unwavering dedication and optimism
Objective
  • To assist USC management accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes by:
  • Promoting effective control at reasonable cost, providing practical solutions and systems, compliance appraisals and review
  • Contributing to the organization’s governance process in ensuring consistency of operations, activities and programs to the overall values and goals of the organization
  • Assisting in risk management by evaluating its effectiveness

Responsibility
The Internal Audit Department is a staff organization and functions in an advisory capacity. It exercises neither direct responsibility for, nor authority over, any of the activities and/or functions under review.

Authority
The Internal Audit Department has full, free and unrestricted access to all operating and financial records, information systems and applications, physical properties, activities and personnel relevant to the review.

Scope of Work
The scope of the Internal Audit function includes the following areas:

  • reliability, integrity and timeliness of information;
  • compliance with policies, plans, procedures, laws and regulations;
  • safeguarding of assets;
  • economical and efficient use of resources;
  • accomplishment of established goals and objectives for operations;
  • review of computerized system’s plan and direction;
  • liaise with external auditors and other agencies to avoid redundancies in audit effort;
  • maintaining appropriate professional development program to ensure that staff possess the skills and abilities to perform audit assignments; and,
  • performing other special review, projects, investigations and consulting services as determined and/or requested by management
  • .
The Internal Audit Department reports to the President for all auditing activities except those related to the Office of the President. Auditing activities related to the Office of the President are reported to the Board of Trustees.

Services
The Internal Audit Department is available to provide a variety of services to the University community such as but not limited to the following:
  • Financial Audits
    Financial audits address issues of accounting and reporting of financial transactions. Its purpose is to assess the accuracy, validity and reliability of department or organization financial records and reports.

  • Operational Audits
    Operational audit reviews functions within an organization for efficiency and effectiveness from a cost-benefit standpoint.

  • Compliance Audits
    Compliance audits are review of financial and operational controls to determine how well the University community adheres to established laws, regulations, policies, and procedures of the University of San Carlos, government, and other regulatory agencies. Contractual agreements into which the department has entered also may be subject to review.

  • Information Systems Audits
    This type of audit addresses the control environment of computer information systems and how they are used. This is a technical review that may include evaluating system input, processing and output controls, data and physical security, contingency planning and disaster recovery, system administration, etc.

  • Investigative Audits
    These audits are performed to investigate incidents of possible fraud or misappropriation of University assets.
Standards of Audit Practice The Internal Audit Department performs its functions in accordance with the International Standards of the Professional Practice of Internal Auditing.

AUDIT STAFF AND CONTACT INFORMATION

Office of the Internal Audit
Tel. Phone (+63 32) 253 100 local 124 or 186
Fax No. (+63 32) 253 7989 or 253 7699
Email address:  This e-mail address is being protected from spambots. You need JavaScript enabled to view it


MR. JESUS M. YU JR.
Head of Financial Audit
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
 
 
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