What Is Internal Audit?
Internal Audit provides independent, objective assurance designed to add value and improve University operations. Internal Audit helps the University accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Internal Audit examines the University’s processes and internal controls to evaluate risk and determine compliance with policy, accuracy, and reasonableness. Internal Audit reports are presented to Department Heads, Senior Management, COO, and board (via the audit committee) as they provide an independent viewpoint on the extent to which the University is poised for success and advice on areas for improvement.
Types of Audits
- Operational - Determines whether internal controls are adequate and working as intended and whether operating procedures are performed efficiently and cost-effectively.
- Financial - Determines the fairness of the presentation of financial data.
- Compliance - Measures adherence of a department, program and/or process with established rules and regulations (e.g., University Policies and Procedures, Federal/State laws and regulations, sponsored program and contract requirements).
- Investigative - Identify facts and circumstances of possible fraud or misappropriation of University assets.
- Information System Reviews - Analyze the effectiveness, efficiency, confidentiality, integrity, availability, compliance and reliability of data and programs related to Information Technology and Systems.
- Management & Special Requests - Includes performance of various reviews at management’s request, such as management audits, fraud reviews and other special services.
