WHO AUDITS THE AUDITORS?
The Office of Internal Audit has been established to offer an independent and objective view of the different University operations. As a department, we report to the Vice President for Financial Affairs and Treasurer, the Executive Vice President, the President, and directly to the Audit Committee of the Board of Trustees. The Associate Vice President for Internal Audit, in developing the yearly Audit Plan, works with these and other groups to ensure that the University is operating in an efficient manner. In addition to the constant communication with University management, we participate in peer reviews with our fellow audit departments at comparable colleges and universities, during which we “audit” each other’s work, to ensure objectivity and that we remain in line with prescribed audit standards and generally accepted accounting principles.
The Institute of Internal Auditors requires that an external review (Quality Assurance Review) be performed on the Internal Audit Department operations at least once every five years. These reviews can be performed by an external review team or can be a self assessment with independent validation by a qualified reviewer. These reviews cover compliance with IIA standards including independence and objectivity, audit planning and coverage, audit documentation and reporting, and staffing.
