The study aims to measure the role and function of internal audit and risk management as a part of good university governance on private higher education in Palembang City. The current phenomenon is both of the department function is run by quality assurance.  The implementation is based on the rule of the perkemendikbud No 50 in the year 2014.    The research utilized a qualitative method.  Data were obtained from five private universities in Palembang city by spreading the open questionnaire form.  The data was analyzed and supported by Nvivo 12 application. The results of data analysis show that the role and function of internal audit and risk management are not optimal yet. Optimized the function, has resulted in the design of organization chart changes by considering the current regulation and any standards.   Keywords: Internal Audit, Risk Management, Higher Education, Qualitative, Good University Governance   Abstrak Tujuan dari penelitian ini adalah untuk menilai penerapan fungsi Internal Audit dan Manajemen Risiko sebagai bagian dari penerapan tata kelola perguruan tinggi swasta di kota Palembang. Fenomena yang terjadi saat ini, peranan dan fungsi internal audit serta manajemen risiko  dijalankan oleh Lembaga Penjamin Mutu secara bersamaan. Penerapan fungsi ini mengacu kepada permendikbud No.50 tahun 2014.  Penelitian ini menggunakan metode kualitatif. Data diperoleh dari lima Perguruan Tinggi swasta di Kota Palembang dengan melakukan wawancara berdasarkan kuesioner terbuka. Data hasil wawancara dianalisis menggunakan aplikasi Nvivo 12. Hasil analisis menunjukkan bahwa peranan dan fungsi internal audit serta manajemen risiko pada perguruan tinggi swasta di Palembang belum optimal.  Untuk mengoptimalkan peranan dan fungsi internal audit dan manajemen risiko, dihasilkan sebuah rancangan perubahan struktur organiasi kedua fungsi dengan mempertimbangkan regulasi dan standar yang berlaku.      Kata kunci: Internal Audit, Manajemen Risiko, Pendidikan Tinggi, Kualitatif. Tata Kelola Perguruan Tinggi

The study aims to investigate how the implementation and role of internal audit and risk management in private higher education, and also to design a new model of the role of internal audit and risk management for private higher education institutions in the industry 4.0 eras. The study was conducted in numerous private universities in Palembang City, The research utilized the mixed method, which is a combination of qualitative and quantitative methods. The research was started by doing a preliminary analysis of the current role of Risk Management and Internal Audit in Private Higher Education Institutions. And then continue to do collecting research data through depth interviews and spreading the closed questionnaire form to research objects at the same time. The collected data was analyzed supported by Nvivo 12 application. The research result shows that the current role of internal audit and risk management was done by one department, it was a quality assurance department. Therefore, the research is also resulting in an applicable Risk Management and Internal Audit framework for Higher Education institutions.