Audit Strategy

The IAU conducts a range of reviews to assess different aspects of the operations of Tung Wah College. The main categories are:

Internal Control Review

This review assesses the effectiveness of internal control systems within a selected Unit. Each audit focuses on the overall general internal controls as well as specific high-risk business areas, identified through risk assessments at the College and Unit levels. Control self-assessments are utilized to engage Unit staff and to strengthen a compliance culture.

Financial Transactions Review

It examines financial transactions across all Units and expense natures, using a combination of data analytics and risk-based samples review. The objective is to provide reasonable assurance that financial transactions are authorized and compliant with relevant laws, regulations, and standards.

Follow-up Review

Follow-up Review assesses whether corrective actions have been implemented as scheduled in response to previous audit recommendations. It aims to verify the effectiveness of these actions in preventing or reducing the likelihood of future occurrences.

Ad hoc Assignment / Special Investigation

In response to requests from management, ad hoc assignments and special investigations are conducted subject to the Audit Committee’s approval. These reviews focus on investigating alleged irregularities and are carried out on a one-off basis.

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QUICK LINKS

+ Facebook

+ Governance Structure

+ Audit Committee