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Internal Audit and Tax Compliance

Mission and Scope

The mission of the internal auditing department is to provide independent and objective review and consulting services designed to add value and improve the financial and academic operations of the university. It helps the university accomplish its mission statement by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

The scope of work of the internal auditing department is to determine whether the university's network of risk management, consistency, control, assessment and governance processes, as designed and represented by management, is adequate and functioning in a manner to ensure:

  • Risks are appropriately identified and managed.
  • Interaction with the various governance groups occurs as needed.
  • Significant financial, managerial and operating information is accurate, reliable and timely.
  • Employees' actions are in compliance with policies, standards, procedures and applicable laws and regulations.
  • Economic and academic resources acquired by the university are used efficiently and are adequately protected.
  • The university's programs, plans and objectives are achieved.
  • Quality and continuous improvement are fostered in the university's control process.
  • Reports are communicated to the appropriate level of management.
  • Opportunities for improving management control, viability and the university's image should be identified during all audits and reviews.


The Director of Internal Audit shall be accountable to management and the audit committee to:

  • Provide annually an assessment on the adequacy and effectiveness of the university's processes for controlling its activities and managing its risks in the areas set forth under the mission and scope of work.
  • Report significant issues related to the processes for controlling the activities of the university, including potential improvements to those processes, and provide information concerning such issues through resolution.


The Director of Internal Audit reports administratively to the Vice President for Finance and functionally to the Chair of the Audit Committee.


The Director of Internal Audit has the responsibility to:

  • Develop a flexible annual audit plan using an appropriate risk-based methodology, including any risks or control concerns identified by management, and submit that plan to the audit committee for review and approval as well as periodic updates.
  • Implement the annual audit plan, as approved, including as appropriate any special tasks or projects requested by management and the audit committee.
  • Maintain sufficient knowledge, skills, experience and professional certifications to meet the requirements of this Charter.
  • Issue an annual report to the audit committee and management summarizing results of audit activities.
  • Keep the audit committee informed of emerging trends and successful practices in internal auditing.
  • Assist in the investigation of significant suspected fraudulent activities within the university and notify management and the audit committee of the results.
  • Consider the scope of work of the external auditors and regulators, as appropriate, for the purpose of providing optimal audit coverage to the university at a reasonable overall cost.


The Director of Internal Audit is authorized to:

  • Have unrestricted access to all functions, records, property and personnel.
  • Have full and free access to the audit committee.

The Director of Internal Audit is not authorized to:

  • Perform any operational duties for the university.
  • Initiate or approve accounting transactions external to the internal auditing department.
  • Direct the activities of any university employee except to the extent such employees have been appropriately assigned to auditing teams or to otherwise assist the director.

Standard of Audits Practice

The internal auditing department will meet or exceed the Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors.

» View the code of ethics for the internal auditing department.