Charter
The purpose, authority and responsibilities of internal auditing are defined in a formal written document (Charter). A Charter for the Office of Internal Auditing (OIA) was written and approved on December 20, 1988. The scope of the work of the OIA is unrestricted. Responsibilities of the office staff are discharged so as to best achieve planned objectives.
THIS CHARTER IDENTIFIES THE PURPOSE, AUTHORITY AND RESPONSIBILITY OF THE OFFICE OF INTERNAL AUDITING.
PURPOSE
Internal Auditing is an independent appraisal activity established to assist management in
evaluating the soundness of university fiscal and procedural operations by furnishing them
with analyses, appraisals, recommendations, counsel and information concerning the
activities reviewed.
All Internal Auditing activities are to be conducted in compliance with university objectives and policies as well as the Code of Ethics and the Standards for the Professional Practice of Internal Auditing which are promulgated by The Institute of Internal Auditors, Inc.
AUTHORITY
The Internal Auditor reports directly to the Chancellor. This reporting relationship
insures independence; permits the Internal Auditor to render impartial and unbiased
judgments; promotes comprehensive audit coverage; and assures adequate consideration of
audit recommendations.
Personnel of the Office, in the discharge of their duties and holding the trust of the university, will be granted unlimited access to records, personnel, and physical properties.
Internal Auditing is a staff function that has no direct authority over activities which its personnel review. The performance of the reviews does not relieve management of any assigned responsibilities.
Objectivity requires that Internal Auditors have an independent mental attitude, and an honest belief in their work product. Performing line responsibilities may compromise their objectivity. This practice will be limited.
RESPONSIBILITIES
Internal Auditing encompasses the examination and evaluation of the adequacy of the
university's system of internal control and the quality of performance in carrying out
assigned responsibilities. The discharge of these responsibilities includes, but is not
confined to:
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Reviewing the reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information.
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Reviewing the systems established to ensure compliance with those policies, plans, procedure, laws, and regulations which could have a significant impact on operations and reports, and determining whether the organization is in compliance.
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Reviewing the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
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Appraising the economy and efficiency with which resources are employed.
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Reviewing operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
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Planning and performing examinations with an attitude of professional skepticism, recognizing that the application of auditing procedures may produce evidential matter indicating the possibility of errors or irregularities.
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Performing special reviews requested by management.
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Assisting the State Auditors in their examinations of the financial statements/records.