The mission of the internal audit function is to provide independent, objective assurance and consulting services intended to add value to the University’s operations. The internal audit function’s scope of operations is by its very nature quite expansive. The internal audit function assists the University in fulfilling its vision, mission, strategic initiatives, and objectives, while adhering to its core values, by bringing a
systematic, disciplined approach to evaluate and improve the effectiveness of enterprise-wide risk management, internal control systems, and governance processes. Ultimately, the internal audit function helps ensure: Opportunities for improving the University’s internal controls may be identified during internal audits; these opportunities will be communicated to the Audit Committee of the Board of Trustees, the Vice President of Business and Finance, and other appropriate members of
University management. The Associate Vice President of Tax Compliance and Internal Audit shall be directly accountable to the Audit Committee of the Board of Trustees to:
3. IndependenceIndependence is absolutely essential to the effectiveness of the internal audit function. To provide for the independence of the internal audit function, the Associate Vice President of Tax Compliance and Internal Audit shall report functionally to the Audit Committee of the Board of Trustees and administratively to the President Moreover, the Associate Vice President of Tax Compliance and Internal Audit shall meet with the Audit Committee of the Board of Trustees periodically to report his plans for internal audit activity, the results of completed internal audit activity, and to provide any other information or assistance which the Audit Committee of the Board of Trustees may require from time to time. In addition, the Associate Vice President of Tax Compliance and Internal Audit shall have direct access at all times to the President and the Audit Committee of the Board of Trustees should matters of immediate significance arise which require their attention. 4. AuthorityInternal audit coverage is by necessity enterprise-wide and no function, activity, department, or unit of the University is exempt from audit and review. The Associate Vice President of Tax Compliance and Internal Audit, and anyone engaged or acting on his behalf, is hereby duly authorized without limitation by the Audit Committee of the Board of Trustees to:
The Associate Vice President of Tax Compliance and Internal Audit, and anyone engaged or acting on his behalf, is hereby expressly prohibited from:
Notwithstanding the foregoing, it is hereby expressly noted that the Associate Vice President of Tax Compliance and Internal Audit serves the University in a dual role as both its chief internal auditor and chief tax compliance officer. Accordingly, nothing in this Internal Audit Charter shall be construed in any manner which would inhibit the Associate Vice President of Tax Compliance and Internal Audit from performing his assigned duties. 5. Standards of Audit PracticeThe Associate Vice President of Tax Compliance and Internal Audit shall at all times conduct all internal audits in accordance with the International Standards for the Professional Practice of Internal Auditing adopted by The Institute of Internal Auditors; these standards are hereby specifically incorporated by reference. Furthermore, it is specifically acknowledged that the International Standards for the Professional Practice of Internal Auditing may change from time to time; the Associate Vice President of Tax Compliance and Internal Audit shall adhere to the most recently adopted version of these standards available at www.theiia.org. 6. Code of EthicsThe Associate Vice President of Tax Compliance and Internal Audit shall at all times meet or exceed the ethical standards delineated by The Institute of Internal Auditors in its Code of Ethics; this code is hereby specifically incorporated by reference. Furthermore, it is specifically acknowledged that the Code of Ethics may change from time to time; the Associate Vice President of Tax Compliance and Internal Audit shall adhere to the most recently adopted version of this code which is available at www.theiia.org. Which of the following are core responsibilities to be included in the internal audit charter?Vital Components of an Audit Charter. Creation of a risk-based internal audit plan.. Confirmation that the internal audit activity has access to appropriate, competent, and skilled resources.. Verification that the internal audit function is fulfilling its mandate.. Assurance of compliance with IIA standards.. What is the internal audit charter?An internal audit charter is a formal document that defines internal audit's purpose, authority, responsibility and position within an organisation. It may also be known as terms of reference.
Which of the following is found in an audit charter?Audit charter is a formal document that defines internal audit purpose, authority, responsibility and position within an organization.
Which one of the following is not included in the internal audit Charte?Internal audit responsibility. Which one of the following is not included in the internal audit charter? Risk assessment of the internal audit activity.
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