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Introduction

 

The general objective of an audit is to evaluate the adequacy of the internal control structure and general controls established through policies and procedures. Auditing is carried out with reference to federal and state law and other governing regulations, Board of Regents' Policy, and general good business practice and will include the following:

 

  • Assessing compliance with regulations and written policies and procedures.
  • Verifying the existence of assets and ensuring proper safeguards for their protection.
  • Investigating reported occurrences of fraud, embezzlement, theft, waste, etc., and recommending controls to prevent or detect such occurrences.
  • Determining if resources are employed in an economic, efficient, and effective manner.

 

The Director of Internal Audit and the Internal Audit staff are authorized by the President and the Board of Regents to have full, free, and unrestricted access to all University functions, records, property, and personnel.