Internal Audit services
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Internal auditing is a catalyst for improving an organization’s governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With a commitment to integrity and accountability, Internal auditing provides value to governing bodies and senior management as an objective source of independent advice.
Types of Audit Services
Assurance services are objective reviews of evidence for the purpose of providing an independent assessment. The scope and nature of assurance services includes reviewing and evaluating for: operational efficiencies and effectiveness; reliability of financial and operational systems; adequacy and clarity of policies and procedures; compliance with university policy and state and federal law; safeguarding of assets; and accomplishment of objectives and goals.
Consulting services are advisory and other service activities include counsel, advice, facilitation, process design. The objective of consulting services is to add value in the development or modification of processes, procedures, and controls to minimize risk and achieve objectives. The nature and scope of particular consulting services are agreed upon with management. Internal Audit will not assume management’s responsibilities in order to maintain appropriate objectivity and independence.
Special Investigations evaluate allegations of unethical business practices and financial and operational misconduct to determine if allegations are substantiated and to prevent future occurrences.
Follow-up engagements evaluate plans and actions taken to correct reported conditions. The timing and the extent of follow-up testing varies based on the audit. In situations where the corrective actions may not be sufficient, IA may advise alternative actions to achieve the desired improvements. In larger and more complex audit situations, this step may be repeated several times as additional changes are initiated.