The primary purpose of the Internal Audit function is to assist senior management and the Board of Regents in the effective execution of their reponsibilities. Internal Audit completes this purpose by accomplishing the following responsibilities:
Reviewing the reliability and integrity of financial and operating information and the means used to identify measure, classify, and report such information.
Reviewing the systems established to ensure compliance with those policies, plans, procedures, laws, and regulations which could have a significant impact on operations and reports and whether the organization is in compliance.
Reviewing the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
Reviewing and appraising the economy and efficiency with which resources are employed.
Reviewing operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
Reviewing specific operations at the request of the Audit Committee or management, as appropriate.
Monitoring a central repository of hotline complaints and reporting the complaint resolution status to the Audit Committee.
Monitoring and evaluating the effectiveness of the organization's risk management system by performing an annual Enterprise Risk Assessment.
Serving as the facilitator and coordinator for all federal, state, and other external audit agencies. External audit agencies shall contact the Chief Internal Auditor for entrance and exit audit conferences.
Coordinating all internal investigations of suspected fraud. All employees have a duty to immediately report instances of suspected fraud to the Chief Internal Auditor.