Internal Audit's Responsibilities

The chief audit executive and staff of the central internal audit activity have responsibility to:
  • Develop a flexible annual audit plan using an appropriate risk-based methodology, including any risks or control concerns identified by management, and submit that plan to the audit committee for review and approval as well as periodic updates.
  • Implement the annual audit plan, as approved, including as appropriate, any special tasks or projects requested by management and the audit committee.
  • Maintain a professional administration audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of this Charter.
  • Evaluate and assess significant merging/consolidating functions and new or changing services, processes, operations, and control processes coincident with their development, implementation, and/or expansion.
  • Issue periodic reports to the audit committee and management summarizing results of audit activities.
  • Keep the audit committee informed of emerging trends and successful practices in internal auditing.
  • Provide a list of significant measurement goals and results to the audit committee.
  • Assist in the investigation of significant suspected fraudulent activities within the University, which is not accomplished by the campus internal audit functions, and notify management and the audit committee of the results.
  • Consider the scope of work of the external auditors and regulators, as appropriate, for the purpose of providing optimal audit coverage to the University at a reasonable overall cost.
  • Summarize information from the campuses on each item of responsibility below and provide it to the audit committee.

Each campus director and staff of the internal audit activity has responsibility to:
  • Develop a flexible annual audit plan using an appropriate risk-based methodology, including any risks or control concerns identified by management, and submit that plan to the Chancellor for review and approval as well as periodic updates. The Plan shall be presented to the audit committee annually.
  • Implement the annual audit plan, as approved, including as appropriate, any special tasks or projects requested by management and the audit committee.
  • Maintain a professional audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of this Charter.
  • Evaluate and assess significant merging/consolidating functions and new or changing services, processes, operations, and control processes coincident with their development, implementation, and/or expansion.
  • Issue periodic reports to the chief audit executive and management summarizing results of audit activities.
  • Keep the chief audit executive informed of emerging trends and significant issues, as it relates to their campus.
  • Provide a list of significant measurement goals and results to the chief audit executive.
  • Assist in the investigation of significant suspected fraudulent activities within their campus and notify management and the chief audit executive of the results.
  • Consider the scope of work of the University-selected external auditors for the purpose of providing optimal audit coverage to the University at a reasonable overall cost.