Governance

The State Board of Regents provides governance and oversight to the University, but they have delegated their authority of developing policies and maintaining the control environment to the President.   In turn, the President has delegated the authority of implementing policies and managing the control environment to the Colleges and Departments.  The Office of Internal Audit does not have the authority or responsibility for writing policies or maintaining the control environment, but rather is responsible for monitoring the effectiveness of the University’s processes and control environment.

The Office of Internal Audit reports administratively through the Office of the President.  All employees (other than the Director) are University of Iowa employees.  As a result, the Office of Internal Audit reports functionally to the President.  In order to ensure its independence, the Internal Audit Director administratively reports to the Executive Director of the Board Office and the Chair of the Audit and Compliance Committee.

The State Board of Regents has approved the Internal Audit Charter which clearly defines Internal Audit's role and authority within the institution.

 

 

INTERNAL AUDIT CHARTER

Approved by State Board of Regents – October 31, 2007

 MISSION AND SCOPE OF WORK

The mission of Internal Audit is to provide independent, objective assurance and consulting services designed to add value and improve the organization’s operations.  It helps the organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

The scope of work of Internal Audit is to determine whether the organization’s risk management, control, and governance processes, as designed and represented by management, is adequate and functioning in a manner to ensure:

INDEPENDENCE

The Internal Audit Director is appointed by the Board of Regents (BOR) and reports to the Executive Director of the BOR Office.  University internal audit personnel report directly to the Internal Audit Director and indirectly to the University President.  Audit activities and reports are communicated to the University President and the BOR.  This reporting relationship promotes independence and provides adequate consideration of audit issues, recommendations, and management action plans.

The Internal Audit Director and staff should have an impartial, unbiased attitude and avoid conflicts of interest, as well as be independent in fact and appearance.


ACCOUNTABILITY

The Internal Audit Director shall be accountable to University management and the BOR to:

RESPONSIBILITY

The Internal Audit Director and staff of Internal Audit have responsibility to:

AUTHORITY

The Internal Audit Director and staff of Internal Audit are authorized to:

The Internal Audit Director and staff of Internal Audit are not authorized to:

LIMITATION OF AUTHORITY AND RESPONSIBILITY

In performing their functions, the Internal Audit Director and staff have no direct authority over, or responsibility for, any of the activities reviewed.  Internal auditors will not develop and implement procedures, prepare records, make management decisions, or engage in any other activity which could be reasonably construed to compromise their independence.  Therefore, review and appraisal by Internal Audit do not in any way substitute for or relieve other persons in the Regent institutions of the responsibilities assigned to them.

STANDARDS OF AUDIT PRACTICE

Audit activities will be performed in accordance with the International Standards for the Professional Practice of Internal Auditing and the Code of Ethics of The Institute of Internal Auditors.