海角破解版

The Right Choice for Your Success

File code: PRES.INTAUDIT.POL
Approval Date: 08/10/95
Approved By: President's Staff

Policy on Internal Auditing

General Policy:

海角破解版 supports an internal auditing department as an administrative staff function and as an independent appraisal function to examine and evaluate University business or administrative activities as a service to management. This function is the responsibility of the Director of Internal Auditing who reports directly to the President. Activities of the internal auditors are guided by schedules and assignments approved by the President. In carrying out the duties and responsibilities, internal auditors will have full, free, and unrestricted access to all University activities, records, property, and personnel.

Function:

The Internal Auditing Department provides an independent appraisal for the review of operations as a service to management. It is a managerial control which functions by measuring and evaluating the effectiveness of other controls.

Internal Auditing is also a primary contact with all outside audit agencies. The Internal Auditing Office should be notified when outside audit agencies contact University offices. This will provide an appropriate coordination of all university audit activities.

Objective:

The objective of the Internal Auditing Department is to assist management in the effective discharge of its responsibilities. To accomplish this objective, the Internal Auditing Department will furnish management with analyses, recommendations, counsel, and pertinent comments concerning the activities reviewed. The attainment of this overall objective involves such activities as:

  1. Determining that the overall system of internal control and the controls in each activity under audit are adequate, effective, efficient, and functioning.
  2. Determining the reliability and adequacy of the accounting, financial, and reporting systems and procedures.
  3. Determining that University activities are in conformity with generally accepted accounting principles, University policies and procedures, state and federal laws and regulations, contractual obligations, and good business practices.
  4. Ascertaining the extent to which University assets exist, are properly accounted for, and are safeguarded from losses of all kinds.
  5. Reviewing operational procedures to ascertain whether results are consistent with established objectives and goals and whether the procedures are being carried out as planned.
  6. Recommending operational improvements.

General Scope of Audit Coverage:

The general scope of audit coverage is University-wide and no function, activity, or unit of the University is exempt from audit and review. No officer, administrator, or staff member may prohibit the internal auditors from examining any University record which is deemed pertinent to the audit or review. All employees are responsible for insuring that they do not, directly or indirectly, make or cause to be made materially false or misleading oral and written statements in response to appropriate requests from internal auditors, or fail to state or cause others to fail to state, any material fact which by its omission could mislead the internal auditors. Additionally, the Director of Internal Auditing has the authority to audit, or cause to be audited, the accounts of all organizations required to submit financial statements to the University.

Auditing Procedures:

The internal auditors are to conduct audits and reviews in accordance with generally accepted auditing standards, using such audit programs and procedures as are considered necessary in the circumstances. The operation of the internal audit function is to be carried out substantially in accordance with the Codification of Standards for the Professional Practice of Internal Auditing, as promulgated by the Institute of Internal Auditors, and the "Internal Auditing Act", as enacted by the State of Illinois. However, standards issued by the American Institute of Certified Public Accountants and the General Accounting Office will be followed where applicable.

The Director of Internal Auditing is responsible for the development of an overall audit plan and schedule outlining the frequency and priority of audits to insure coverage in accordance with audit standards and state statute requirements.

Reporting and Follow-Up:

The results of the examinations and internal control evaluations made by the internal auditors, the opinions, and the recommendations are to be reported to the President of the University and to those responsible for taking corrective action.

It is the responsibility of the internal auditors to determine that appropriate action has been taken on reported audit recommendations and that such action is achieving the desired results, or that management has assumed the risk of not taking corrective action on reported findings. Implicit in management's response to audit recommendations is the responsibility to insure that all actions, activities, and functions are conducted within established University policies and procedures.

Limitation of Authority and Responsibility:

The internal auditors have no direct authority over, or responsibility for, any of the activities examined. Internal auditors will not develop and install procedures, prepare records, make management decisions, or engage in any other activity which could reasonably be construed to compromise the independence of the internal auditing function. Reviews and appraisals by the internal auditors do not in any way substitute for, or relieve other persons of assigned responsibilities.

Internal Audit Oversight:

To maintain oversight of the internal auditing function, the President will review with the Director of Internal Auditing, on an annual basis, the previous year's internal auditing program and the direction of the program to be followed in the year ahead.