Skip to content
Operations Manual The University of Iowa

PART V. ADMINISTRATIVE, FINANCIAL, AND FACILITIES POLICIES

CHAPTER 13: INTERNAL AUDITS

(Regents 4/93; 10/94; 1/09)

13.1 Purpose
13.2 Objective and Scope
13.3 Authority
13.4 Reporting
13.5 Responsibility

13.1. PURPOSE.
The Board of Regents, State of Iowa, authorizes the President of the University to hire internal audit staff to provide independent appraisal services to institutional administrators and the Board. Internal auditing is a managerial control which functions by measuring and evaluating the effectiveness of other financial and managerial controls.
[top]

13.2 OBJECTIVE AND SCOPE.
The objective of internal auditing is to assist institutional administrators and the Board of Regents in the effective discharge of the responsibilities by furnishing them with analyses, appraisals, recommendations, and pertinent comments concerning the activities reviewed. The attainment of this objective involves such activities as:

13.3 AUTHORITY.
The Internal Audit Department is authorized by the Board of Regents to conduct a comprehensive program of internal auditing. To accomplish its objectives, the internal auditors are authorized to have unrestricted access to University functions, records, properties, and personnel.
[top]

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

13.5 RESPONSIBILITY.
Each year, the Internal Audit Department will develop and execute a comprehensive audit plan to be conducted in accordance with applicable professional auditing standards. A comprehensive report on the internal audit function will be made to the Board through the Audit Committee in August of each year.

The report will include the annual audit plan, review of all previous fiscal year audits completed and in progress, including any follow-up reviews and any audits which were scheduled but not done, and a list of all audits completed within the last three fiscal years. A copy of each audit report and follow-up review, upon its completion, will be sent to the Board Office.

Any activity which is illegal or the legality of which is questioned by the audit staff (e.g., conflict of interest, embezzlement, or theft) shall be reported to the appropriate institutional administrator or President of the Board (consistent with V-13.4) immediately upon discovery by audit staff.

In performance of their functions, internal audit staff have no direct responsibility for, nor authority over, any of the activities and operations reviewed.
[top]


Go forward one step to V-14 Ticket Regulations
Or return to the Operations Manual Table of Contents, Index, or Search

Page last updated March 2014 by Office of the Senior Vice President for Finance and Operations