The mission of Office of Internal Audit is to provide independent, objective assurance and consulting and advising services designed to add value and improve the University’s operations. It helps the University accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. The Office of Internal Audit is guided by a value-driven philosophy of partnering with other departmental units to continuously improve the operations of the University.
The Office of Internal Audit will service the University by providing assurance and consulting engagements and advisory services in accordance with the Professional Standards for the Practice of Internal Audit as promulgated by the Institute of Internal Auditors. Any perceived or actual conflict of interests will be addressed in accordance with the Standards and the Louisiana State Code of Ethics. In support of its mission, to provide for the independence, the Internal Audit Director reports to the President of the University. To provide for objectivity, the staff of the Office of Internal Audit shall maintain an appropriate mental attitude in performing engagements. As such, the Internal Audit Director and other internal audit staff will not 1) have direct authority over or responsibility for any of the activities reviewed; 2) prepare or approve records 3) make management decisions; or 4) engage in activities that could be construed to compromise their independence. A functional reporting relationship with the Audit Committee of the Board of the University of Louisiana System exists via the Board’s Director of Internal and External Audit. Internal audit engagements do not substitute for or relieve other persons in the University of the responsibilities assigned to them.
Scope of Work
The scope of work of the Office of Internal Audit is to assess the University’s network of risk management, control, and governance processes to ensure they are functioning adequately to facilitate the University in meeting its mission, goals and objectives. The scope of work will include, but is not limited to, the following general objectives:
- Reviewing the University’s overall system of internal control, as well as departmental units, to recommend value added improvements or best practices.
- Assessing business processes and information systems to ensure financial, managerial, and operating information is accurate, reliable, and timely.
- Evaluating and consulting administration on business processes, staffing procedures, and best practices to facilitate awareness of, understanding of, and compliance with policies, standards, procedures, and applicable laws, regulations and legislative or regulatory issues. Assess the acquisition and use of resources and assets to facilitate economical acquisition, efficient use, adequacy in the accounting for and safeguarding of such resources and assets.
- Determining the reliability and adequacy of the accounting, financial, and reporting systems and procedures.
- Consulting with administration with regard to the implementation of or modifications to new or existing information technology applications/systems and the related business processes to ensure an adequate, effective, and efficient system of internal control.
- Conducting investigations as required or directed related to the general objectives previously stated.
All work completed by the staff of the Office of Internal Audit will be reasonably coordinated with the Office of the Louisiana Legislative Auditor to avoid unnecessary duplication of effort.
The University’s Internal Audit Director and staff have the responsibility to:
- Develop and implement a flexible, risk-based, value added annual engagement plan which will be submitted to the President for approval. Once approved by the President, it will be submitted to the University Of Louisiana System Board Of Supervisors (Board) for approval.
- Maintain a professional audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of this charter.
- Establish a quality assurance program by which the Internal Audit Director assures the operations of internal auditing activities.
- Perform consulting/advisory services, to assist management in meeting its objectives. Examples may include facilitation, process design, training, and advisory services.
- Submit written and timely reports to the President of the University and appropriate members of administration at the conclusion of each engagement to acknowledge satisfactory performance or to set forth observations and/or recommendations for correction or improvement.
A copy of each engagement report and a summarization will be forwarded to the Board’s Director of Internal and External Audit.
The Internal Audit Director and staff of the Office of Internal Audit are authorized to:
- Have unrestricted access to all functions, records, manual and automated systems, properties, and personnel of the University.
- Review any function, activity, or unit of the University and the accounts of all organizations required to submit financial statements to the University.
- Have direct access to the President of the University and shall present to the President any matter considered to be of sufficient importance to warrant attention or that has been brought to the Office of Internal Audit for review.
- 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 University where they perform audits, as well as other specialized services from within or outside the University.
The Internal Audit Director shall be accountable to the University’s administration to:
- Assess the adequacy and effectiveness of the University’s business processes for controlling its activities and managing its risks in the areas set forth under the mission and scope of work.
- Report significant issues related to the processes for controlling the activities of the University and its affiliates, including potential improvements to those processes, and provide information concerning such issues through resolution.
- Provide information periodically on the status and results of the annual audit plan and the sufficiency of department resources.
- Coordinate with other control and monitoring functions.