The Internal Audit Department is committed to assisting the University in accomplishing its vision and mission by utilizing a risk-based approach to provide objective assurance and consulting services as described below to promote a strong internal control environment and assist members of management and the Board in the effective and efficient discharge of their responsibilities.
Assurance services include audits and follow-up reviews designed to evaluate the adequacy and effectiveness of internal controls and associated policies and procedures. Audit objectives may include, but are not limited to, assessing whether controls, and risk management and governance processes are designed and functioning to provide assurances that:
- Risks are appropriately identified and managed.
- Significant financial, managerial, and operating information is accurate, reliable and timely.
- Employees comply with policies and procedures and applicable laws and regulations.
- Resources are used efficiently and are properly safeguarded.
- Programs achieve associated goals and objectives.
In addition to performing assurance audits and follow-up reviews, IA provides consulting services in an advisory capacity. Consulting may range from formal engagements with defined scope and objectives, to advisory activities, such as providing informal guidance in response to general inquiries, or participating on University committees. However, in all cases, IA functions only as an advisor, with management responsible for final decisions.
In the performance of its mission, the Department recognizes the mandatory nature of guidance provided by the Institute of Internal Auditor's Definition of Internal Auditing, Code of Ethics, and International Standards for the Professional Practice of Internal Auditing (the Standards). A copy of the Standards and Code of Ethics are in IA Manual Section II, Subjects 2-01 and 2-02 respectively.