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Charge of the Internal Auditor with Respect to the Internal Audit Function

 

The Internal Auditor shall have the following responsibilities with respect to the internal audit function:

  • Develop a flexible Annual Internal Audit Plan using an appropriate enterprise-wide risk-based methodology, including any risks or internal control concerns identified by management and through the respective risk assessment.

  • Submit the Annual Internal Audit Plan to the Finance Committee of the Board of Trustees and to the College President for review and approval.

  • Implement the Annual Internal Audit Plan, as approved, including any special tasks or projects requested by senior management and the Finance Committee of the Board of Trustees and the College President, which may require deferral of otherwise planned audits delineated in the Annual Internal Audit Plan.

  • Issue periodic reports to the Finance Committee of the Board of Trustees and the College President and appropriate senior management summarizing the internal audit function’s results.

  • Update the Finance Committee of the Board of Trustees and the College President with emerging trends and successful best practices in the field of higher education internal auditing.

  • Assist in the investigation of significant suspected fraudulent or irregular activities within the College and notify the Finance Committee of the Board of Trustees and the College President, and senior management, as appropriate, of the results.

  • Consider the scope of work of the external auditors, governmental bodies, and regulators, for the purpose of providing optimal audit coverage to the College with the highest degree of marginal utility.

  • Provide audits and reviews of various College activities, functions, departments, and units at appropriate intervals to determine whether they are effectively carrying out their functions of planning, operations, accounting, custody, and control in accordance with applicable law; College instructions, policies, and procedures; and in a manner that is consistent with College’s vision, mission, core values, and objectives.

Adopted by the Finance Committee of the Board of Trustees and the College President, January 26, 2006