Directory for Internal Audits
Andrew Jen-Guang Lin, Ph.D., Duke University
Professor, college of law, National Taiwan Uniersity
Internal Audit Division
To enhance internal control and ensure the continuous and effective operation of its internal control system to enhance the governance effectiveness of the universtiy endowments fund, National Taiwan University (NTU)establish Office of Internal at 2016/1/10 according to National University Endowment Fund Establishment Act to replace expenditure audit committee.
The auditing personnel or auditing unit of a national university have the following responsibilities:
1. Post auditing of personnel matters, financial affairs, operations, and related-party transactions, and matters affecting the transaction cycle of the university endowment fund.
2. Post auditing of cash movements, and handling of bad debts.
3. Auditing and inventory-taking of cash, bank deposits, securities, stocks, bonds, and fixed assets.
4. Regular assessment, checking and working to ensure that deadlines are met, and collation of reports of and in relation to the business performance of each of the university endowment fund’s undertakings and the extent to which their objectives have been achieved.
5. Examination and assessment of the efficiency of the use of the university endowment fund and of the benefit of each of the various expenses.
6. Other case-specific auditing matters.
The transaction cycle referred to in Subparagraph 1 of the preceding paragraph includes the revenue cycle(s), acquisition and payment cycle(s), payroll cycle, property management cycle(s), investment cycles, financing cycles, and research and development cycle.
A national university shall draw up an annual audit plan, based on the results of a risk assessment, and prepare an annual audit report, and provide the report to the university affairs board.