Charter

Statement of Purpose

The Internal Audit and Compliance Department has been established to provide independent appraisals on behalf of the Board of Regents and its responsibilities are defined by the Audit and Compliance Committee of the Board of Regents as part of their oversight role.

Necessary to measure and evaluate the effectiveness of internal controls and compliance with all applicable laws, regulations, agreements and internal procedures. The Internal Audit and Compliance Department would assist management in the effective discharge of their responsibilities by providing them with analyses, appraisals, recommendations, counsel and information concerning the activities and functions that they review. Internal Audit and Compliance will also consultatively partner with process/functional managers to streamline/enhance business systems and processes.

Independence

To ensure the department's independence, as well as, assure adequate audit coverage and consideration of audit recommendations, the Director of Internal Audit and Compliance reports to the Audit and Compliance Committee of the Board of Regents.

Authority

The Internal Audit and Compliance Department, with strict accountability for confidentiality and safeguarding records and information, is authorized full, free, and unrestricted access to any and all of the University's records, physical properties, and personnel pertinent to carrying out any engagement. All employees are requested to assist the Internal Audit and Compliance Department in fulfilling its roles and responsibilities. The Internal Audit and Compliance Department will also have direct communication and interaction with the Audit and Compliance Committee.

Responsibility

The Internal Audit and Compliance Department has no direct responsibility for the operations and activities that they review. Also, while the Department will take an active role in the formulation of policy and procedures or the development of new systems and processes.

The staff of the Internal Audit will conduct internal auditing at the University and Compliance Department based upon an annual plan approved by Audit and Compliance Committee of the Board of Regents. In the development of the annual plan and in the conduct of the related audits, the staff of Internal Audit and Compliance will:

Perform a risk assessment to ascertain how potential negative events might impact the achievement of departmental/University objectives.
Appraise the adequacy and soundness of internal controls and operating procedures. Review controls for cost effectiveness and relevance to the current operating environment.
Determine compliance with applicable regulatory or contractual requirements.
Assess the reliability of management information utilized in the decision making process.
Evaluate the effectiveness of existing policies and procedures and/or assist in the formulation thereof, when necessary.
Determine whether allocated funds are used efficiently and for the purposes for which they were allocated.
Assure that University assets are properly recorded and adequately safeguarded against loss.
Perform liaison function with government and external auditors effectively.
Identify opportunities for cost savings and recommend improvements.

This charter is approved by the Audit and Compliance Committee of the Board of Regents.