Herman B. Wells statue photo

Welcome

Internal Audit is an independent, objective, assurance and consulting activity designed to add value and improve an organization's operations. Internal Audit helps an organization accomplish its objectives by utilizing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Vision

Internal Audit is the University's most valued resource for financial, operational, information technology, and control activities.

Mission

Internal Audit exists to support administration and the Board of Trustees in the effective discharge of their responsibilities. Using knowledge and professional judgment, Internal Audit collaborates and partners with clients to provide an independent appraisal of the University's financial, operational, information technology, and control activities. A report is issued 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.

Internal Audit Objectives in Accomplishing its 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 appropriate safeguards are maintained to protect assets 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.
  • Provide analyses, counsel, information concerning the activities reviewed, and assist with development of action plans.

Values

In carrying out the Internal Audit mission, the following core beliefs and values are maintained:

  • Our primary focus is to provide excellent service to the University.
  • Our examinations are performed in accordance with applicable standards and code of ethics established by the Institute of Internal Auditors (IIA).
  • We commit to the highest degree of fairness, integrity and ethical conduct in the performance of our mission.
  • We allow all report recipients the opportunity to review, challenge, question and respond to our findings and conclusions so adequate action plans to correct issues are developed.
  • Our relationship with the University community is characterized by respect, helpfulness, sharing, collaboration, patience, and openness.
  • We commit to maintaining professionalism as internal auditors through continuance of our education and training.
  • Although we are a part of the University, we commit to maintaining our independence and objectivity in defining the scope and objectives of our examinations.