The Department of Internal Audit is responsible for providing management and the Audit & Compliance Committee of the Board of Trustees with independent and objective operational, financial, and investigative audits. Such audits should address the adequacy of internal controls, the University's conformity with its own policies and procedures and with management's objectives and goals, and compliance with governmental regulations. Reports of such audits should include lack of conformity or compliance and recommendations for improvements.
In order to achieve these objectives, University employees are required to provide the necessary documentation and assistance requested by Internal Audit. It is the intention of management and the Board of Trustees that Internal Audit have access to all records and areas within the University. Proposed corrective actions are required to be submitted in writing by the auditee to Internal Audit and are included in the final audit report that is submitted to the Audit & Compliance Committee of the Board of Trustees. Four times per year, the Chief Audit Executive reviews these reports with the Audit & Compliance Committee.
Internal Audit maintains its independence by not having any line authority or responsibility over activities subject to audit in the University and through its reporting relationship to the Audit & Compliance Committee. It is important to note that Internal Audit does not exercise direct authority over auditees as the function is staff and advisory. Internal Audit's work of reviewing, reporting and appraising established controls, policies, and procedures does not relieve management of responsibilities assigned to them.
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