The Internal Audit Department assists with establishing and monitoring internal controls throughout the University's business processes.
Internal Controls Defined
Internal controls are broadly defined as processes, affected by the board of trustees, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories:
- Reliability and integrity of financial and operational information.
- Effectiveness and efficiency of operations and programs.
- Safeguarding of assets.
- Compliance with laws, regulations, policies, procedures, and contracts.
Administrative management is responsible for maintaining an adequate system of internal control. Management is responsible for communicating the expectations and duties of staff as part of a control environment.
Internal Audit's Role
Internal Audit assists the University in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement as part our internal auditing and consulting activity.
Internal Control Activities and Best Practices
Internal control activities are the policies and procedures as well as the daily activities that occur within an internal control system. Learn more about internal control activities best practices here.
Another way Internal Audit assists the University in evaluating internal controls and promoting continuous improvement is by working with the Sarbanes-Oxley Project Management Department which operates under the Office of the Chief Financial Officer. Many important key financial control procedures reside in the decentralized units overseen by departmental fiscal administrators. As such, a series of comprehensive questionnaires have been developed to assess the level of compliance with key financial controls and are facilitated through the Sarbanes-Oxley Control Self-Assessment (SOX CSA). Learn more about the Sarbanes-Oxley Department and Sarbanes-Oxley here.