, AUI3703 Assignment 2 (COMPLETE ANSWERS) Semester
2 2025 – DUE 25 August 2025; 100% correct solutions and
explanations.
QUESTION 1
1.1 Purpose of the Internal Audit Function in Jubilee Hospital
The internal audit function at Jubilee Hospital exists to provide
independent and objective assurance and consulting services
designed to add value and improve the hospital’s operations. Its
main purpose is to assist the Board of Directors, Audit Committee,
and hospital management in achieving the hospital’s objectives by
systematically evaluating and improving the effectiveness of risk
management, control, and governance processes.
At Jubilee Hospital, the internal audit function will:
Provide assurance on financial management: Ensure that
financial records and transactions are accurate, reliable, and
compliant with applicable legislation and healthcare standards.
Evaluate internal controls: Assess the adequacy and
effectiveness of internal control systems in safeguarding assets,
preventing fraud, and ensuring efficient use of resources.
Support regulatory compliance: Monitor adherence to
healthcare regulations, ethical standards, and national health
policies to reduce the risk of non-compliance.
Assess risk management practices: Identify, evaluate, and
recommend measures to mitigate key risks facing the hospital,
including operational, financial, technological, and clinical
risks.
Promote efficiency and effectiveness: Review processes in
clinical and non-clinical departments to identify opportunities
2 2025 – DUE 25 August 2025; 100% correct solutions and
explanations.
QUESTION 1
1.1 Purpose of the Internal Audit Function in Jubilee Hospital
The internal audit function at Jubilee Hospital exists to provide
independent and objective assurance and consulting services
designed to add value and improve the hospital’s operations. Its
main purpose is to assist the Board of Directors, Audit Committee,
and hospital management in achieving the hospital’s objectives by
systematically evaluating and improving the effectiveness of risk
management, control, and governance processes.
At Jubilee Hospital, the internal audit function will:
Provide assurance on financial management: Ensure that
financial records and transactions are accurate, reliable, and
compliant with applicable legislation and healthcare standards.
Evaluate internal controls: Assess the adequacy and
effectiveness of internal control systems in safeguarding assets,
preventing fraud, and ensuring efficient use of resources.
Support regulatory compliance: Monitor adherence to
healthcare regulations, ethical standards, and national health
policies to reduce the risk of non-compliance.
Assess risk management practices: Identify, evaluate, and
recommend measures to mitigate key risks facing the hospital,
including operational, financial, technological, and clinical
risks.
Promote efficiency and effectiveness: Review processes in
clinical and non-clinical departments to identify opportunities
