Purpose of Internal Audit
The function was established by the Board of Visitors (Board) through the Audit Committee to assist the University in accomplishing its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the University’s governance, risk management and internal controls.
The activities performed by internal audit assist the University in the assessment and improvement of the effectiveness of the internal control framework, risk management and compliance processes. This includes processes designed to evaluate the effectiveness and efficiency of operations, ability to execute on strategic initiatives, reliability of financial reporting and compliance with applicable laws and regulations.
Internal Audit will remain free from interference by any element in the organization, including matters of audit selection, scope, procedures, frequency, timing, or report content to permit maintenance of a necessary independent and objective mental attitude. Internal Auditors will not perform any operational duties, develop and install systems and procedures, initiate or approve accounting transactions, prepare records, or engage in any other activity which they would normally review and appraise and which could reasonably be construed to compromise in appearance or fact, the independence and/or objectivity of the internal auditor.