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MODEL INTERNAL AUDIT ACTIVITY CHARTER

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NC STATE UNIVERSITY INTERNAL AUDIT DIVISION CHARTER MISSION Per the Institute of Internal Auditors: 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 process [emphasis added]. Internal Auditing reviews the reliability and integrity of information, compliance with policies and regulations, the safeguarding of assets, the economical and efficient use of resources, and established operational goals and objectives. VALUES STATEMENT The Director and staff of the Internal Audit Division are dedicated to: • Demonstrating the highest level of integrity and ethics. • Building strong and effective working relationships through mutual respect and teamwork. • Developing partnerships with our clients and our key constituents while providing quality auditing and consulting services. • Recruiting and training high quality individuals from diverse backgrounds. SCOPE OF WORK The Internal Audit Division partners and consults with management, the University community, and various constituents to help the University achieve its goals and to support compliance with policies, rules, and regulations. The Internal Audit Division works to proactively focus on the ...
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NC STATE UNIVERSITY INTERNAL AUDIT DIVISION
CHARTER
MISSION
Per the Institute of Internal Auditors:
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 process
[emphasis added].
Internal
Auditing reviews the reliability and integrity of information, compliance with
policies and regulations, the safeguarding of assets, the economical and
efficient use of resources, and established operational goals and objectives.
VALUES STATEMENT
The Director and staff of the Internal Audit Division are dedicated to:
Demonstrating the highest level of integrity and ethics.
Building strong and effective working relationships through mutual
respect and teamwork.
Developing partnerships with our clients and our key constituents while
providing quality auditing and consulting services.
Recruiting and training high quality individuals from diverse
backgrounds.
SCOPE OF WORK
The Internal Audit Division partners and consults with management, the University
community, and various constituents to help the University achieve its goals and to
support compliance with policies, rules, and regulations.
The Internal Audit Division
works to proactively focus on the risks and exposures which have the greatest impact
to the University while being flexible to react to changing conditions.
Specifically, the
Internal Audit Division works to determine whether the University’s network of risk
management, control, and governance processes is adequate and functioning in a
manner to ensure:
Risks are appropriately identified and managed.
Interaction with the various governance groups occurs as needed. This
includes General Administration, Office of the State Auditor, and the State
Bureau of Investigation.
Significant financial, managerial, and operating information is accurate,
reliable, secure, and timely.
Employee’s actions are in compliance with policies and applicable laws and
regulations.
Resources are acquired economically, used efficiently, and adequately
protected.
Programs, plans, and objectives are achieved and are effective.
Quality and continuous improvement are fostered in the organization’s control
process.
Significant legislative or regulatory requirements impacting the organization
are administered correctly and issues are recognized and addressed properly.
ACCOUNTABILITY
The Director of Internal Audit, in the discharge of his/her duties, shall be accountable
to the Chancellor, the Board of Trustees through its Audit, Finance, and Planning
Committee (Committee), and to the Vice Chancellor of Finance and Business (Vice
Chancellor) for:
Performing an annual assessment of the adequacy and effectiveness of the
organization’s processes for controlling its activities and managing its risks in
the areas set forth under the mission and scope of work.
Reporting significant issues, including potential improvements to those
processes, and providing information concerning the appropriate resolution of
such issues.
Periodically providing information on the status and results of the annual audit
plan and the sufficiency of the Internal Audit Division’s resources.
Coordinating with other control and monitoring functions both internal and
external. This will include areas such as risk management, compliance,
security, legal, ethics, environmental, and external auditors.
INDEPENDENCE
The internal audit activity shall
be free from interference in determining the scope of
internal auditing, performing work, and communicating results.
To provide for the
independence of the Internal Audit Division, its personnel report to the Director of
Internal Audit, who reports directly to the Chancellor and also has a reporting
responsibility to the Committee and to the Vice Chancellor.
The Director shall have
full and independent access to any individuals necessary to perform his/her job.
RESPONSIBILITY
The Director and staff of the Internal Audit Division have responsibility to:
Develop a flexible annual audit plan using appropriate risk-based methodology
and submit that plan to the Chancellor, the Committee, and the Vice
Chancellor for review.
Consider the scope of work of the external auditors and regulators, as
appropriate, for the purpose of providing optimal audit coverage to the
organization.
Implement the annual audit plan, as approved by the Committee, including any
special tasks or projects requested by management and the Committee as
appropriate.
Continually re-evaluate the audit plan based on changing conditions and
revise as deemed necessary.
Assist in and/or conduct the investigation of significant suspected fraudulent
activities within the organization and notify the Chancellor, the Committee, and
other management of the results. Assist the Office of State Auditors, Fraud
Division, with investigation of various allegations.
Issue audit reports to the Chancellor and other management summarizing the
results of audit activities.
Keep the Chancellor, the Committee, and the Vice Chancellor informed of
emerging trends and successful practices in internal auditing.
Report recent activities and high-risk issues to the Committee at regular
meetings.
Perform consulting services, beyond internal auditing’s assurance services, to
assist management in meeting its objectives and to proactively address
issues.
Examples may include facilitation, process design, training, and new
initiatives.
Educate the campus-community on University policies, best practices, and the
importance of effective internal controls.
Participate on various committees, compliance task forces, and system
development projects to provide guidance and proactively address potential
issues, internal control weaknesses, and inefficiencies.
Evaluate and assess significant University functions and new or changing
services, processes, operations, major systems, and control processes
coincident with their development, implementation, and/or expansion.
Comply with all requirements of the Board of Governors and/or Legislature
relating to Internal Audit matters.
AUTHORITY
The Director and staff of the Internal Audit Division are authorized to:
Have unrestricted access to all functions, records, property, and personnel.
Allocate resources, set frequencies, select subjects, determine scopes of
work, and apply the techniques required to accomplish audit objectives.
Obtain the necessary assistance of personnel in units of the organization
where they perform audits, as well as other specialized services from within or
outside the organization.
The Director and staff of the Internal Audit Division are not authorized to:
Perform any operational duties for the organization or its affiliates.
Initiate or approve accounting transactions external to the Internal Audit
Division.
Make decisions that are the responsibility of management.
STANDARDS OF AUDIT PRACTICE
The Internal Audit Divison will meet or exceed the
International
Standards for the
Professional Practice of Internal Auditing
of The Institute of Internal Auditors.
Approved by the Board of Trustees
Audit, Finance and Planning Committee
September 20, 2007
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