An audit is the evaluation of an organization, process, system, or records by an external third party.\u00a0In general, the University is audited by its external auditors, internal auditors, funding agencies, and the Canada Revenue Agency.<\/p>\n
Carleton University must undergo an annual audit of its financial records to satisfy several external stakeholders such as the Ministry of Training, Colleges and Universities (MTCU), the Canada Revenue Agency (CRA) and financial lending institutions.<\/p>\n
On an annual basis, a financial statement audit expressing an opinion on the fair presentation of the University\u2019s Financial Statements is performed by the University’s external auditor.<\/p>\n
Internal Auditors act as consultants both to senior administrators\/managers and to the Board of Governors.\u00a0\u00a0 They report to the President on audit matters and to the Vice-President (Finance and Administration) for administrative affairs.\u00a0 Their contribution to the success of the University is measured in their ability to assist senior administrators\/managers and the Board of Governors in the performance of their duties. The internal audit function accomplishes this by independently identifying risks, evaluating the design and implementation of management\u2019s control systems, and making recommendations for improvement. Internal auditing aids the University by helping managers manage better and by bringing to management\u2019s attention opportunities for improvement.<\/p>\n
Direct assistance to the Board is provided in the form of audit reports. This in turn, provides assurance to the Board with respect to those processes found to be working appropriately and assurance that management is aware of any identified opportunities for improvement.<\/p>\n