Outlined below is a broad overview to assist in the understanding of the function and its key parts. The Internal Audit function can be organized into six (6) sections - this exhibit highlights the Internal Audit structure and key processes within the function.
|1. Internal Audit Policy||2. Audit Committee Charter|
Policy No. 1.6
Provides for Internal Audit Function Existence
Serves as Independent Appraiser
Has Access to all Operations/Activities
Unrestricted Access to all Personnel, Records & Property
Reports to the President
Defines the general authority and responsibilities of the Internal Audit Department. We are appropriately positioned to receive the support needed to deliver valued services.
|Provides for independent communication and defines oversight (governance).|
|3. Audit Environment Assessment||4. Audit Activities|
Audit Planning Process
External Audit Assistance
Fraud Reporting Program
A broad risk assessment is developed which helps to understand the University overall risk profile when planning areas to be audited.
Audit resources are allocated to defined areas. Management requests/special projects will be accommodated as the concern dictates.
|5. Communication of Audit Activities||6. Audit Follow-up Process|
Management Briefing (Single Page Reporting)
Presidential Audit Action Form
Summary of Internal Audit Activity Report
|Audit Areas/Items Denoted as High Risk
As Specifically Requested
Formal audit reports are issued to Management to communicate final results. Specific key data is captured and analyzed to assess our University environment. Per Audit Charter - any concerns can be directly addressed to the Audit Committee.
|Provide follow-up action that requires continued intervention.|