University of Pittsburgh

Overview

Mission*

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 risk management, internal control 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.

Responsibility*

The responsibility of the Internal Audit Department encompasses, but is not limited to, the examination and evaluation of the adequacy and effectiveness of the University’s risk management, internal control and governance processes as well as the quality of performance in carrying out assigned responsibilities to achieve the organization’s stated goals and objectives. This includes:

  • Evaluating risk exposure relating to achievement of the University’s strategic goals.
  • Evaluating the reliability and integrity of information and the means used to identify, measure, classify, and report such information.
  • Evaluating the systems established to ensure compliance with those policies, plans, procedures, laws, and regulations which could have a significant impact on the University.
  • Evaluating the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
  • Evaluating the effectiveness and efficiency with which resources are employed.
  • Evaluating operations or programs to ascertain whether results are consistent with established objectives and goals and whether operations or programs are being carried out as planned.
  • Monitoring and evaluating governance processes.
  • Monitoring and evaluating the effectiveness of the University’s risk management processes.
  • Evaluating the quality of performance of external auditors and the degree of coordination with Internal Audit.
  • Performing consulting and advisory services related to risk management, internal control and governance processes as appropriate for the University.
  • Evaluating specific operations at the request of the Audit Committee or management, as appropriate.
  • Maintaining a professional audit staff with sufficient knowledge, skills, experience and professional certifications to meet the requirements of this Charter.
  • Keeping the Audit Committee informed of emerging trends and successful practices in internal auditing.

* See the complete copy of the Internal Audit Department Charter.

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