Overview

The Internal Audit Office (AUD) at Uttara University operates under the leadership of the Director of Internal Audit, who ensures robust financial oversight and governance across the university’s financial operations. This office plays a critical role in maintaining transparency, accountability and efficiency by meticulously reviewing financial transactions, accounting records and institutional expenditures. This office falls under the purview of the Finance and Accounts office and reports directly to the honorable members of the Board of Trustees.

Objectives of the Internal Audit Office (AUD)

• Identifying and addressing errors of omission, commission and any potential revenue losses promptly.
• Ensuring financial accuracy, transparency and compliance with university policies and regulatory guidelines.
• Strengthening internal controls to mitigate financial risks and enhance operational efficiency.
• Providing insights and recommendations to improve financial management and accounting practices.

Key Functions of the Internal Audit Office (AUD)

1. Financial Audit & Compliance

• Conduct systematic audits of financial records across university departments, offices and affiliated institutions.
• Ensure adherence to university policies, financial regulations and best practices.
• Evaluate internal control mechanisms and suggest improvements where necessary.
• Keep processes aligned with changing laws by local government while following best practices of global standard auditing.

2. Pre-Audit Verification

• Review and verify bills submitted for payment from university funds including:
  1. Final settlement of the Provident Fund.
  2. Payments related to construction projects, security deposit refunds and major contractual agreements.

3. Post-Audit Procedures

• Examine financial transactions after processing to assess accuracy and detect anomalies.
• Audit cash receipts, expenditures, account registers, stock records and other financial documentation.

4. Payroll & Compensation Oversight

• Verify salary fixation in cases of general pay scale revisions, new appointments, promotions and re-employed pensioners.
• Oversee pension re-fixation and related financial matters in accordance with approved guidelines.
• Audit leave encashment claims, arrears and other employee financial entitlements.

5. Endowment & Investment Oversight

• Ensure proper management, allocation and utilization of endowment funds and quasi-commercial units and donations by the members of the Board of Trustees.
• Evaluate financial sustainability and recommend improvements for fund management.

6. Risk Management & Fraud Investigation

• Investigate reported cases of fraud, embezzlement, financial mismanagement or theft upon directive from the Competent Authority.
• Implement risk mitigation strategies to prevent financial irregularities.

7. Annual & Government Audits

• Conduct internal audits of at least 25% of university departments annually to ensure compliance with financial policies.
• Coordinate with Government Auditors to facilitate the smooth and timely audit of the university’s annual accounts.
• Audit data entry and digital infrastructure and its activities, including student marks, payment posting and all relevant digital data at the end of every semester.

By maintaining rigorous financial oversight, the Internal Audit Office ensures Uttara University’s financial integrity, fosters trust in institutional governance and supports the university’s mission of academic excellence and sustainability.

For further details, please refer to the Finance & Accounts offices' official documentation and policy guidelines.