Internal Audit is an independent, objective assurance, and consulting activity designed to add value and improve an organization's operations. We help an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Internal Audit is the University's most valued resources for financial, operational, and control activities.
Internal Audit exists to support administration and the Board of Trustees in the effective discharge of their responsibilities. Using our knowledge and professional judgment, we will provide an independent appraisal of the University's financial, operational, and control activities. We will report on the adequacy of internal controls, the accuracy and propriety of transactions, the extent to which assets are accounted for and safeguarded, and the level of compliance with institutional policies and government laws and regulations. Additionally, we will provide analyses, recommendations, counsel, and information concerning the activities reviewed.
Our Objectives in Accomplishing Our Mission Include the Following:
- Determine the accuracy and propriety of financial transactions
- Evaluate financial and operational procedures for adequacy of internal controls and provide advice and guidance on control aspects of new policies, systems, processes and procedures
- Verify the existence of University assets and ensure that proper safeguards are maintained to protect them from loss
- Determine the level of compliance with University policies and procedures, state and federal laws and government regulations
- Evaluate the accuracy, effectiveness and efficiency of the University's electronic information and processing systems
- Determine the effectiveness and efficiency of organizations in accomplishing their mission and identify operational opportunities for cost savings and revenue enhancements
- Provide assistance and a coordinated audit effort with the Indiana State Board of Accounts and other external auditors
- Investigate fiscal misconduct
In carrying out our mission, we share certain beliefs and values.
- Our primary focus is to provide excellent service to the University. Our examinations will be performed in accordance with applicable standards established by the American Institute of Certified Public Accountants (AICPA), Institute of Internal Auditors (IIA), Government Accounting Office (GAO), etc.
- We are committed to the highest degree of fairness, integrity and ethical conduct in the performance of our mission. We will adhere to the Code of Ethics as established by the Association of College and University Auditors (ACUA). Furthermore, we will not issue a report without first allowing the recipient the opportunity to review, challenge, question and respond to our findings and conclusions.
- Our relationships with the University community will be characterized by respect, helpfulness, sharing, patience, and openness.
- We are committed to maintaining our professionalism as internal auditors through continuance of our education and training.
- Although we are a part of the University we are committed to maintaining our independence in defining the scope and objectives of our examinations.