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AUC Web » Offices » Internal Audit Office » About the Internal Audit Office
About the Internal Audit Office

Vision Statement
Our vision is excellence in fulfilling our responsibilities to our customers and leadership in our profession. Our goal is to create an environment with fosters:

Leadership: We lead our profession in the use of contemporary audit methodologies and will continue to update our audit approach for changes in the AUC environment so that we can provide the university with quality internal audits that add value. We create a participate environment which challenges our staff and allows them to fully utilize their talents.

Image: We exemplify the highest degree of trust and integrity, continually upholding our professional standards. We are recognized for our professionalism, objectivity and commitment to excellence in servicing our customers. In return, we are respected and viewed as a source of highly trained and talented members of the AUC community.

Innovation: We encourage initiative and innovation. We profit from a diversity of ideas, and we believe that recognition is bestowed on those who are innovative and accept responsibility for their actions, and that mistakes are considered challenges from which we learn.

Quality: We excel in everything we do by adopting a quality improvement process. We enrich the Group’s performance by delivering quality services and information to all our customers.

Teamwork: Mutual respect, trust and teamwork is a must. We aim to excel as a Group by capitalizing on our strengths

Mission Statement
The Office of Internal Auditors is dedicated to improving university operations by providing independent, objective assurance and advice with respect to evaluating risk management, control, and governance processes. By monitoring areas of potential vulnerability and pursuing preventive measures, the internal audit office assists all members of the AUC community to comply with policies and procedures and uphold the highest standards of business conduct.

Internal Audit Charter

Introduction
The Office of Internal Auditors shall provide university administrators, managers and their staff with an independent and objective evaluation of the effectiveness, efficiency, and application of operational, financial and other internal controls necessary to accomplish AUC objectives in compliance with established policies, procedures, regulatory requirements and sound business practices.

Objective and Scope
The objective of internal auditing is to assist all levels of university management in the effective discharge of their responsibilities, by furnishing them with analyses, appraisals, recommendations and pertinent comments concerning the activities reviewed. The Office of Internal Auditors is concerned with any phase of activity that can be of service to management. This involves going beyond the accounting and financial records to obtain a full understanding of the operations under review. The attainment of this overall objective involves activities such as:

  • Identifying operating problems and deficiencies and suggesting corrective actions.
  • Reviewing and appraising the soundness, adequacy, and application of accounting, financial and other operating controls, and promoting effective control at reasonable cost.
  • Ascertaining the extent of compliance with established policies, plans, procedures, laws, and regulations.
  • Determining the extent of which university assets are accounted for and safeguarded from losses of all kinds.
  • Ascertaining the reliability of data developed and maintained within the organization.
  • Reviewing the economy and efficiency with which resources are employed. 

Authorization and Responsibilities
Authorization is granted for full and complete access to any of the university's records (either manual or electronic), physical properties, and personnel relevant to an audit engagement. Documents and information given to internal auditors during a periodic review will be handled in a confidential and prudent manner as required by the Institute of Internal Auditors Code of Ethics. Recommendations on standards of control to apply to a specific activity may be included in the written report of audit findings and opinions, which is given to management for review and implementation.
 
Independence
The Chief Internal Auditor reports to the Vice President for Finance, with direct access at any time to the President and the Audit Committee of the Board of Trustees. Internal auditors have no direct responsibility or any authority over any of the activities or operations that they review. They should not develop and install procedures, prepare records, or engage in activities, which would normally be reviewed by internal auditors. The Office of Internal Auditors is authorized by the Board of Trustees and senior management to perform audits approved by the Audit Committee and to engage in other independent reviews and consulting activities as required in support of its mission.
Objectivity is not adversely affected by the recommendation of the standards of control to be applied in the development of systems and procedures under review.

Internal Audit Reports
A written report shall be prepared and issued by the Chief Internal Auditor or designee following the conclusion of each audit engagement and will be distributed as appropriate. A copy of each audit report shall be forwarded to the Vice President for Finance and the President with appropriate distribution to other concerned parties.
The Chief Internal Auditor or designee shall normally include in the audit report the auditee’s response and corrective action taken or to be taken in regard to the specific finding and recommendations. Management’s response should include a timetable for anticipated completion of action to be taken and an explanation for any recommendations addressed.
The Office of Internal Auditors shall be responsible for appropriate follow-up on audit findings and the related recommendations.

Standards of Audit Practice
The Office of Internal Auditors shall meet or exceed the Standards for the Professional Practice of Internal Auditing of The Institute of Internal Auditors.

Click here to view an approved copy of the Internal Audit Charter.

 
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