Office of Internal Audit

Charter

(approved by President Gregory Geoffroy on 9/18/02)

Mission and Scope of Work

The Office of Internal Audit’s mission is to provide independent, objective assurance and consulting services designed to add value and continuously improve the University’s operations.  Our mission supports the University’s strategic plan to pursue excellence in learning, discovery, and engagement.

The scope of work of the internal audit activity is to determine whether the University’s risk management, control, and governance processes, as established by management, are adequately functioning to ensure:

• Compliance with policies, plans, procedures, laws, and regulations.

• Accomplishment of established objectives and goals.

• Reliability and integrity of financial and operating information.

• Effectiveness and efficiency of operations.

• Safeguarding of assets.

Opportunities for improving management control, fiscal responsibility, and the University’s image may be identified during audits and communicated to the appropriate level of management.

 Accountability

The director of internal audit shall be accountable to senior management and the Board of Regents (BOR) to effectively manage the internal audit activity to ensure it adds value to the University.  The director’s responsibilities include: 

• Establishing policies and procedures to guide the internal audit activity.

• Communicating the audit plan and resource requirements to senior management and the BOR for review and approval.

• Ensuring that internal audit resources are appropriate, sufficient, and effectively deployed to achieve the approved audit plan.

• Providing a comprehensive annual report to the University president and the BOR, which discusses progress on the current year’s audit plan, explains any variances from the plan, and summarizes observations, unusual circumstances, and related action plans.

• Establishing a quality assurance program that monitors and assesses the effectiveness of the internal audit activity.

Additional responsibilities of the entire staff include:

• Establishing flexible risk-based audit plans consistent with the University’s goals.

• Coordinating and sharing information with other internal and external providers of assurance and consulting services to ensure proper coverage and minimize duplication of efforts.

• Performing consulting services, such as participating on system design and implementation teams and providing training on internal controls, to assist management in meeting its objectives.

• Independence and Objectivity

To provide for the independence of the internal audit activity, the director of internal audit reports to the University president for all activities except those related to the offices of the president.  Audit activities related to the offices of the president are reported directly to the BOR.

To maintain objectivity, Office of Internal Audit staff shall have an impartial, unbiased attitude and avoid conflicts of interest.

Authority

The Office of Internal Audit is authorized by the BOR to conduct a comprehensive program of internal auditing.  To accomplish our objectives, we are authorized to have unrestricted access to University functions, records, properties, and personnel.

Standards of Audit Practice

The Standards for the Professional Practice of Internal Auditing published by the Institute of Internal Auditors will guide the activities of the Office of Internal Audit.