The mission of Internal Audit is to provide the institution with an independent appraisal of university activities. These reviews shall encompass all of the financial and management operations within the university. The purpose of the reviews is to provide the Chancellor, System President and Board of Regents with assurances that internal controls exists and are operational, that management is adhering to State statutes, UW System and institutional policies and is operating both efficiently and effectively.
The Internal Auditor shall report to the Vice Chancellor for Administrative Services who shall promote independence and ensure broad audit coverage, adequate consideration of audit reports, and appropriate action on audit recommendations. In addition, the Internal Auditor will have direct access to the Chancellor to provide the independence necessary to carry out the responsibilities of the position.
An audit committee, made up of supervisory personnel, may be formed to provide institutional insight into the audit function. If so formed, this committee will be strictly advisory.
AUTHORITY AND RESPONSIBILITY
Internal Audit shall have the authority to audit all parts of the institution and shall have full and complete access to any of the institution’s records, physical properties, and personnel relevant to the performance of an audit. Documents and information given to the auditors during a periodic review will be handled in the same prudent and confidential manner as by those employees normally accountable for them.
Internal Audit will have no direct responsibility or authority for any of the operations or activities which they review. They should make recommendations for new or additional controls or procedures but not develop or install them, prepare records or engage in any activities which they would normally be required to review. Furthermore, an internal audit does not in any way relieve other personnel in the university of the responsibilities assigned to them.
The Internal Auditor shall:
- Develop and audit universe of operations which require auditing within the institution.
- Develop an annual audit plan, in conjunction with their supervisor, to be submitted to the System Administration Director of Internal Audit for review and approval.
- Prepare a report for each audit, which has been discussed with the management of the operation which was audited, responded to by that management, presented to the Chancellor of the institution and forward a copy to the System Administration Director of Internal Audit.
- Perform follow-up audits on all System Administration internal audits and institutional internal audits as required.
Internal Audit’s objectives in accomplishing its mission will include the following:
- Determine the accuracy and propriety of financial transactions.
- Evaluate financial and operational procedures for adequacy of internal controls and provide advice and guidance on control aspects of new polices, systems processes and procedures.
- Verify existence of institutional assets and ensure that proper safeguards are maintained to protect them from loss.
- Determine the level of compliance with institutional policies and procedures, System Administration, and Board of Regents policies, and state and federal laws and regulations.
- Evaluate the accuracy, effectiveness, and efficiency of the institution’s electronic information and processing systems.
- Determine the effectiveness and efficiency of operational areas in accomplishing their mission and identify operational opportunities for cost savings and revenue enhancement.
- Ensure any fiscal misconduct or conflicts of interest are reported in accordance with System Administration policy.
- Involvement in the review of any new system, developed internally or purchased, to determine the adequacy of internal controls prior to the installation of that system.
STANDARDS AND ETHICS
In all of the activities, Internal Audit will adhere to the Standards for the Professional Practice of Internal Auditing and the Code of Ethics adopted by the Institution of Internal Auditors.