The purpose of the internal audit activity is to provide independent, objective assurance and consulting services designed to add value and improve the University operations. The mission of internal audit is to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight. The 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.
The Unit is reporting functionally to the University’s audit committee and administratively to the university president.
The Internal Audit activity has responsibility to:
Issue periodic reports to the Audit Committee and the management summarizing results of audit activities
Evaluating risk exposure relating to achievement of the University’s strategic objectives.
Evaluating the reliability and integrity of information and the means used to identify, measure, classify, and report such information.
Evaluating the systems established to ensure compliance with those policies, plans, procedures, laws, and regulations which could have a significant impact on the University.
Monitoring and evaluating governance processes.
Monitoring and evaluating the effectiveness of the university's risk management processes.
Evaluating the quality of performance of external auditors and the degree of coordination with the internal audit.
Coordinate consulting services, beyond internal auditing’s assurance services, to assist the management in meeting its objectives.
Coordinate evaluation and assessment of significant changes to operations and control processes coincident with their development, implementation, and/or expansion.
Consider the scope of work of the external auditors and regulators, as appropriate, for the purpose of providing optimal audit coverage to the University personnel at a reasonable overall cost.