• oThe function reports administratively to the Chief Financial Officer and functionally to the Board of Regents/Audit Committee.

4. Conducting Audits

5. Reporting

6. Follow-Up

7. Quality Assurance

8. Amendments and Review

• oAudits are performed using a systematic and disciplined approach consistent with the Global Internal Audit Standards.
• oInternal Audit evaluates risk exposures, internal controls, compliance, safeguarding of assets, and alignment with strategic objectives.
• oFindings and recommendations are developed to strengthen University operations.
• oInternal Audit issues timely reports to appropriate levels of management and the Board of Regents/Audit Committee.
• oReports summarize audit results, recommendations, and management's responses.
• oInternal Audit will disclose any interference, impairments to independence, or unacceptable risk responses to the Board of Regents/Audit Committee.
• oInternal Audit monitors management's remediation of audit findings and reports progress to the Board and senior management.
• oInternal Audit maintains a Quality Assurance and Improvement Program (QAIP) that includes ongoing internal reviews and periodic external assessments.
• oResults of the QAIP and conformance with the Standards are reported to the Board of Regents/Audit Committee.
• oThe Internal Audit Charter and related policy will be reviewed annually by the Board of Regents/Audit Committee.
• oInternal Audit may recommend amendments when significant organizational, regulatory, or professional changes occur.

REFERENCES AND RELATED MATERIALS:

Gold Book

Finance and Administration Procedures

CONTACTS:

HISTORY: