Internal Audit conducts reviews of University records and operations and reports
the results of these reviews to management and the Board of Trustees. The mission
of the Internal Audit Department is to assist management by providing objective
analyses of and recommendations to improve University activities. All Internal
Audit projects will be conducted in keeping with the Standards for the Professional
Practice of Internal Auditing issued by The Institute of Internal Auditors.
Internal Audit reports directly to the Fiscal Policy Committee of the Board
of Trustees. This reporting relationship promotes independence and assures adequate
consideration of audit findings and recommendations.
Internal Audit will be free from undue influence in selecting activities to
be examined and the audit techniques and procedures to be used.
To the extent permitted by law, Internal Audit will have unrestricted
access to all sources of information, property, and personnel relevant
to an area under review. Internal Audit will make special efforts
to protect the confidentiality of information covered in a review,
as well as any recommendations pertaining thereto. To the extent
possible, Internal Audit will accommodate an area's daily operations
in scheduling and conducting reviews.
Objectivity and independence are crucial to the duties of Internal Audit. Either
may be compromised if auditors participate directly in preparing records or
designing systems and operations. Therefore, the Internal Audit staff will serve
only in an advisory capacity regarding these matters.
ResponsibilityThe major responsibilities of the Internal Audit Department include:
- Assessing financial and operational processes to determine if these will
produce reliable information and ensure that resources are used in an efficient
and effective manner in keeping with the University's mission and in compliance
with relevant regulations and policies;
- Working in partnership with management to ensure policies and processes
are effective and efficient; and,
- Serving as a resource to the University community in identifying the need
for and characteristics of adequate systems of control.
Internal Audit will provide management with a written report for each finding
and discuss the results of each project with staff in the area being reviewed.
These meetings help ensure that findings and recommendations are valid and understood.
Significant issues will be presented in a written report after a project is
complete. Management will have an opportunity to review draft reports and to
comment, in writing, relative to final reports. Such comments will be included
in the final version of the report. Written reports will be addressed to the
Secretary of the Board of Trustees, with copies to the Board of Trustees, the
President, Vice President, Chancellor, Dean, other appropriate university officials,
and management of the audited area. All reports will be presented to the Fiscal
Policy Committee at the next scheduled meeting for the purpose of explaining
the report and providing the committee members with an opportunity to ask questions
of the auditor and management about the audited area.
To read the official USC policy concerning the Internal Audit department, please
read policy BTRU 1.06 on the university Policies
and Procedures website