Purpose and Authority

Purpose of Internal Audit

The Internal Audit Department (Internal Audit) shall be the liaison with the external auditor to provide an uninhibited audit process for the annual financial and federal audits. In addition, it will certify the WBST and WIPB annual audit reports and perform the primary audit work for the NCAA annual agreed upon procedure audit. It further conducts reviews of University records and operations and reports the results of these reviews to management, including the Business Affairs area. In fulfilling its responsibility to assist the Vice President for Business Affairs and Treasurer in the effective discharge of responsibilities, Internal Audit is committed to providing independent, objective, and timely service, as well as responding to requests for consulting and other services, and to adding value to and improving the University's operations. Internal Audit helps the University accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal Audit conducts its projects in accordance with the Standards for the Professional Practice of Internal Auditing issued by The Institute of Internal Auditors. In addition, Internal Audit adheres to University policies and procedures.

Authority of Internal Audit

The Director of Internal Audit and the Internal Audit staff are authorized to:

• Have full and unrestricted access to any and all University records, physical properties, and personnel relevant to any function under review or audit.
  
• Request the assistance of all University employees in fulfilling Internal Audit's function.
  
• Maintain the independence necessary to render objective reports by assuring all audit activities (including audit scope, procedures, frequency, timing, and report content) are free from influence by auditee.
  
• Have free and unrestricted access to the VP of Business Affairs and Treasurer.

The Director of Internal Audit and the Internal Audit staff are not authorized to:

• Perform any operational duties for the University or its affiliates.
  
• Initiate or approve accounting transactions external to Internal Audit.
  
• Assume direct operational responsibility or authority over any of the activities under review or audit.
  
• Develop or install systems or procedures, prepare records, or engage in any other activity that would normally be audited.