The University recognises the need for assurance management to feature as a consideration in strategic and operational planning, day-to-day management and decision making at all levels in the organisation. USQ is committed to managing quality by identifying, analysing, evaluating and treating exposures that may impact on the University achieving its objectives and/or the continues efficiency and effectiveness of its operations.
The definition for assurance services is “An objective examination of evidence for the purpose of providing an independent assessment on governance, risk management, and control processes for the organization. Examples may include financial, performance, compliance, system security, and due diligence engagements.”
Drawing from this, assurance translates to “providing an independent assessment” based on evaluating the “effectiveness of governance, risk management, and control processes.” Is this the same as providing an opinion on the adequacy of governance, risk management, and control processes?
For an article in the February 2010 issue of Internal Auditor, Mervyn King (the chair of the team that developed South Africa’s King Report for corporate governance, which requires a formal assessment of risk management and control processes) said, "Opinion has connotations in the legal and accounting worlds, and I didn't want to start a whole debate about opinions.”
The University is committed to complying with all relevant legislation and obligations. Compliance changes occur constantly to reflect changes in both internal processes and statutory guidelines. Continuous audits are carried out to ensure that the University remains compliant.
The Assurance Office provides assistance with:
- risk management policies, processes, and frameworks
- internal control reviews
- compliance assessments
- financial auditing
- pre-emptive support
- performance evaluation
- audit program reviews
- support for governance related legislative and regulatory requirements and statutory obligations
- business continuity planning
- policy coordination.
For further assistance, contact the Executive Director (Corporate Management Services).