The introduction of an internal audit unit at the University of Malta

Abstract

Purpose: The purpose of this study is to evaluate the need to set up an IAU within the UOM. It aims to assess the nature and type of IAing to be introduced; to ascertain an appropriate setup for the IAU; and to determine the relations that the IAU is to build up with both the EAor and other stakeholders. Design: A thorough review of literature on the subject was made, and primary data was collected mainly through eleven personal semi-structured interviews with relevant UOM officials, and external experts in the field. Correspondence with foreign Universities further backed up this data. Findings: This study brings forth a number of points to be considered upon deciding on the introduction of an IAU. It reveals that the introduction needs to be subject to rigorous planning for the unit to attain the appropriate levels of responsibility, reporting and staffing, as well as to decide on the nature and type of activities to be carried out. The unit could ultimately be in-housed, though co-sourced in the first instance. Key to its success will be the timely formation of an AC, adoption of an IA Charter, and the maintenance of sound relationships with all relevant parties. Conclusion: This study concludes that while it may as yet be early for a fully fledged unit to start operating at the UOM, a two-stage introductory approach involving planning and implementation needs to be taken up in the near future.