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What does internal audit do?
Helps ensure the University operates as effectively and economically as possible; to this end, internal audit provides assurance services through the following approaches:
- Analyses operations
- Reviews compliance
- Recommends controls
- Assures safeguards
Internal Audit reviews procedures and operations closely, confirming that they are being followed correctly and that they support the University’s goals and objectives. After examining processes and procedures, Internal Audit reports its findings and works closely with auditees to provide accurate and pertinent recommendations that help the University to adhere more closely to its objectives.
Internal Audit supports Senior Management and the Audit Committee of the Board of Governors by staying fully educated about the intricacies of, implementation strategies for, and compliance with current regulations and legislation. Internal Audit is responsible for explaining and detailing the impact that non-compliance would have on the University, for informing Senior Management and the Audit Committee about signs of major non-compliance, and for identifying areas that do not conform to policies and guidelines.
Internal Audit evaluates the efficiency and effectiveness of current controls and determines if those controls can truly mitigate the risks that can threaten the University. Effective internal control is a built-in component to the management process and keeps the University on course toward its objectives and mission. Internal control promotes effective and efficient operations, reduces the risk of asset loss, and both heightens the reliability of financial reporting and strengthens compliance with laws and regulations.
Internal Audit reviews the means used by the University to protect its assets, and assesses whether the appropriate safeguards are in place. If University assets are not well protected, then Internal Audit must recommend how to address the issue identified.
To fulfill our responsibility, we provide the following services to the University:
Financial statement audits - Determines the fairness of the presentation of financial data.
Operational audits - Determines whether internal controls are adequate and working as intended, and whether operating procedures are performed efficiently and cost-effectively.
Information technology audits - Includes participation in system development projects and committees, pre- and post-implementation reviews for application systems, operational integrity reviews, system evaluations, consultation, and programming across the University's information systems environment.
Management and special requests - Includes performance of various reviews at management’s request, including management audits, fraud reviews and other special services.
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