1. Policy Statement

Rockview Business School is committed to maintaining strong internal controls, compliance with global standards, and safeguarding resources against fraud, waste, and abuse. Internal and external audits are integral to ensuring transparency, accountability, and continuous improvement in financial and operational systems.

2. Objectives

• Test and strengthen the internal control structure.
• Ensure compliance with laws, regulations, and accreditation standards.
• Identify and mitigate risks across academic, financial, and operational areas.
• Prevent fraud, waste, and abuse.
• Provide assurance to stakeholders on institutional integrity.

3. Scope

Covers:

• Financial management and reporting.
• Operational processes and resource utilization.
• Academic governance and compliance.
• Risk management frameworks.
• IT systems and data security.

4. Governance Structure

• Audit Committee (Board Level): Oversees audit policy and outcomes.
• Internal Audit Unit: Conducts regular reviews of systems and controls.
• External Auditors: Independent firms conduct annual audits for credibility.
• Management: Implements corrective actions and reports progress.

5. Internal Audit Procedures

• Planning: Annual risk-based audit plan approved by Audit Committee.
• Execution: Review of controls, compliance, and risk management.
• Reporting: Findings documented with recommendations.
• Follow-up: Corrective actions tracked and verified.

6. External Audit Procedures

• Conducted annually by independent, accredited auditors.
• Focus on financial statements, compliance, and governance.
• Reports submitted to governing board and regulatory authorities.
• Recommendations integrated into continuous improvement processes.

7. Risk Assessment

• Enterprise-wide risk assessments conducted annually.
• Risks categorized (strategic, operational, financial, compliance, reputational).
• Mitigation strategies documented and monitored.

8. Fraud, Waste & Abuse Prevention

• Whistleblower protection policy.
• Anonymous reporting channels.
• Regular fraud awareness training.
• Continuous monitoring of high-risk areas.

9. Compliance

• Adherence to national and international accreditation standards.
• Compliance with financial regulations and anti-corruption laws.
• Regular updates to align with evolving global frameworks.

10. Continuous Improvement

• Audit findings used to refine policies and procedures.
• Benchmarking against global best practices.
• Annual review of audit policy by Audit Committee.