Objective and Scope
Internal Audit is an independent appraisal function established by the University to examine and evaluate its activities as a service to management and the Board of Governors. The objective of Internal Audit is to assist members of the University in the effective discharge of their responsibilities. To this end, Internal Audit furnishes them with analyses, recommendations, counsel, and information concerning the activities examined. The audit objective includes promoting effective control at reasonable cost.
The scope of internal auditing encompasses the examination and evaluation of the adequacy and effectiveness of the University’s system of internal control and the quality of performance in carrying out assigned responsibilities. It includes:
- Reviewing the reliability and integrity of financial and operating information.
- Reviewing the systems established to ensure compliance with policies, plans, procedures, laws, and regulations which could have a significant impact on operations and reports
- Ascertaining the extent to which University assets are accounted for and safeguarded against losses of all kinds.
- Appraising the economy and efficiency with which resources are employed.
- Reviewing operations other than academic programs to ascertain whether results are consistent with established objectives and goals.
Organization and Reporting
Formal audit reports are addressed to the President. The President and the Audit Committee approve the annual Internal Audit Plan. For purposes of supervision, the Director of Internal Audit and Advisory Services reports to the Vice President (Finance and Administration).
Annually, the Director will submit to the President and the Audit Committee a written report on the internal audit activity during the preceding year.
The Director of Internal Audit and Advisory Services may communicate directly with the Chair of the Audit Committee. The Board of Governors reviews and concurs in the appointment or dismissal of the Director.
Authority and Responsibility
Internal Audit has the authority to audit all activities of the University and has full and complete access to any of the organization’s records, physical properties, and personnel. All members of the University are expected to provide full cooperation, access to records, explanations, assistance and general facilitation of audit endeavours.
Internal Audit has no direct responsibility or authority for any of the activities or operations reviewed. Except for project activities where some responsibility or authority may be specifically transferred temporarily, an internal audit does not in any way relieve other persons in the University of the responsibilities assigned to them.
Independence
The term “independent” characterizes audit work as being free of restrictions that could significantly limit the scope and effectiveness of the audit and the subsequent report of findings and recommendations.
Approved by: Audit Committee
Date: April 15, 1998