System of Internal Control

What is the System of Internal Control?

Examples of internal controls operating in University of Galway include our decision-making structures, our policies and procedures, the rules, thresholds and checks in place in relation to financial transactions and our risk management policy and processes.

Internal controls play a key role in ensuring the University is operating effectively and efficiently and in compliance with relevant laws, regulations and policies.

The overall system of internal control is relevant in every area of the University. It enables us to respond to significant risks. It assists in ensuring the quality of information and our reporting to external organisations, including to the Government in respect of public money. It also assists in our compliance with relevant laws, regulations and internal policies and procedures.

Responsibility rests with staff and local management for implementing and monitoring robust and effective systems of internal control including financial, operational and compliance controls and risk management in the University. Members of the University Management Team are responsible for confirming that internal controls are operating effectively in their area.

The Internal Audit Unit is responsible for testing how robust our internal controls are and for advising the Audit & Risk Committee (ARC) on the outcome of such tests. The Audit & Risk Committee is then responsible for forming a view on the effectiveness of the system of internal control and reporting this view to Údarás na hOllscoile as the Governing Authority. Údarás na hOllscoile conducts a review of the effectiveness of the system of internal control once every year. We are required to report on our system of internal control to the Higher Education Authority as part of our Annual Governance Statement every year.

Further Information