Office of Internal Audit Kentucky State University Amended Internal Audit Charter

PURPOSE

Professional auditing standards require that the purpose, authority, and responsibility of the internal audit activity should be formally defined in a charter and approved by the Board of Regents.

The purpose, authority and responsibility for the Office of Internal Audit is stated in Kentucky State University Office of Internal Audit Charter. The Charter defines the administration, role, and authority of the Office.

AUTHORITY

The purpose, authority, and responsibility for the Office of Internal Audit is stated in the Charter. The following Charter pertains to the Office.

Establishment

There is hereby established the Office of Internal Audit of Kentucky State University. The Office of Internal Audit shall be separate from any other department of Kentucky State University and shall report directly administratively to the President and functionally to the Board of Regents. The Internal Auditor is an employee of Kentucky State University and will comply with the University's personnel policies and procedures. The functional roles and responsibilities of the Board of Regents will include the following:

  • The office shall be provided a separate budget sufficient to carry out the responsibilities and functions established in this charter Approval for the selection and removal of the Internal Auditor.
  • Approval of the performance evaluation and remuneration of the Internal Auditor.
  • Approval of the risk based on annual audit plan or significant subsequent changes.
  • Approval of the Office of Internal Audit Charter.
  • Examine the resource and staffing needs of the Office of Internal Audit and approve its annual budget.
  • Conduct or oversee the requests for proposal and selection process for the firm performing the annual financial statement audits.

This functional reporting relationship with the Board of Regents will assure organizational independence, promote comprehensive audit coverage, and assure implementation of corrective actions has occurred.

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