The President employs the internal auditor to direct a broad, comprehensive program of internal auditing within the University. Internal auditing is a managerial control which functions by measuring and evaluating the effectiveness of other financial and managerial controls.
Objective and Scope
The objective of the Office of Internal Audit and Management Analysis ("Office") is to assist the President and institutional administrators in the effective discharge of their responsibilities by furnishing them with analyses, appraisals, recommendations, and pertinent comments concerning the activities reviewed. The attainment of this objective includes:
- Reviewing and appraising the soundness, adequacy, and application of accounting, administrative and other operating controls, and promoting effective control at reasonable cost.
- Ascertaining the extent of compliance with established policies, plans, and procedures.
- Ascertaining the extent to which assets are accounted for and safeguarded from losses of all kinds.
- Ascertaining the reliability of management data developed within the organization.
- Conducting special examinations and reviews at the request of the President or institutional heads.
- Evaluating the economy and efficiency with which resources are employed and recommending improvements in operations.
The Office is authorized by the President to conduct a comprehensive program of internal auditing. To accomplish its objectives, the internal auditor is authorized to have full, free, and unrestricted access to all University activities, records, properties, and personnel.
The Office reports to the President and the Regents Audit Committee. However, for day to day activities the internal auditor works with the Vice President for Finance and Administration and attends the Vice President's staff meetings as an invited guest.
Each year the Office will develop and execute an audit plan. A report on the internal audit function will be provided to the President at the end of the fiscal year. The report will include a discussion of the subsequent year's annual audit plan, review of previous year's audits that were completed, those in progress, and those which were scheduled but not performed. The report will also include follow-up reviews on the status of prior audit recommendations.
Progress reports on internal audit activities will be provided to the President during the fiscal year. In addition, progress reports will be provided to the Regents Audit Committee at the scheduled Regents meetings.
In performance of their functions, internal audit staff have no direct responsibility for, nor authority over, any of the activities and operations reviewed.