Internal Audit Overview
What is Internal Auditing?
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
To enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.
The Office of Internal Audit and Consulting Services was established by the Board of Trustees to assist members of the School in effectively fulfilling their responsibilities. To provide this service, internal audit prepares independent and objective evaluations of the School’s progress in accomplishing objectives, complying with policies and procedures and adopting sound business practices. The three main types of audits are operations, compliance, and financial.
The Internal Audit Charter was approved by the Board of Trustees on April 25, 2017.
The Director of Internal Audit reports administratively to the Executive Vice President of Finance and Administration, and reports functionally to the Finance and Audit Committee. This structure is designed to provide a reporting line directly to governance to help maintain independence and objectively within the function.