The mission of the Internal Audit Department is to provide independent, objective assurance and consulting services designed to add value and improve the University's operations. Internal Audit helps the University to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of internal controls, risk management and governance processes. Internal Audit will assist University Management and the Audit Committee of the Board of Trustees in identifying, avoiding, and mitigating risks.
To accomplish its threefold mission of teaching, research and public service, the University must maintain the confidence of its Board of Trustees, faculty, staff, students, alumni, the public, elected officials and various other constituencies. Confidence in the institution is paramount if the University is going to achieve its stated objectives. The Internal Audit Department provides valuable support in maintaining the public's confidence by performing independent and objective reviews, and reporting to the Audit Committee and responsible administrative and academic officers on their findings so that corrective actions or enhancements can be initiated.
Scope of Work*
The scope of work of the Internal Audit Department must be appropriate so that it can determine whether the University's network of risk management, control and governance processes, as designed and represented by management, are adequate and functioning in a manner to ensure:
- Risks are appropriately identified and managed.
- Interaction with the various governance groups occurs as needed.
- Significant financial, managerial and operating information is accurate, reliable and timely.
- Employees' actions are in compliance with policies, standards, procedures and applicable laws and regulations.
- Resources are acquired economically, used efficiently and adequately protected.
- Programs, plans and objectives are achieved.
- Quality and continuous improvements are fostered in the University's control process.
- Significant legislative or regulatory issues impacting the University are recognized and addressed appropriately.
- Information Technology is adequate, reliable and secure.
* See the complete copy of the Internal Audit Department Charter.