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Mangosuthu University of Technology Annual Report
51
Mangosuthu University of Technology (MUT) maintains a
system of internal controls over financial reporting and
the safeguarding of assets against the unauthorised
acquisition, use or disposal of such assets. Such systems
are designed to provide reasonable assurance to MUT
and the Council regarding an operational environment
that promotes the safeguarding of MUT’s assets and the
preparation and communication of reliable financial and
other information.
The University is in the process of documenting the
organisational structures setting out the division
of responsibilities, as well as established policies
and procedures, including a Code of Ethics that is
communicated throughout the organisation to foster a
strong ethical climate and the careful selection, training
and development of its people.
Information systems utilising modern information
technology are in use throughout the organisation.
Systems have been developed and implemented
according to defined and documented protocols.
Accepted standards are applied to protect privacy and
ensure control over all data, including disaster recovery
and “backup” procedures.
Password controls are strictly maintained with users
required to change passwords on a monthly basis. There
are regular reviews (monthly) to ensure that there are no
clashes in user access rights and that the basic internal
control concept of division of duties is maintained.
MUT assessed its internal control systems as at 2015
financial year in relation to the criteria for effective internal
control over financial reporting described in the Internal
Control Manual.
Internal auditors monitor the operation of internal control
systems and report findings and recommendations to
management, the Audit committee and the Council.
Corrective actions are taken to address control deficiencies
and other opportunities for improving systems when
identified.
This report is signed by:
8. REPORT ON INTERNAL
ADMINISTRATIVE / OPERATIONAL
STRUCTURES AND CONTROLS