Internal Audits Policy

710.2 INTERNAL AUDITS

The Board of Regents shall establish and support an internal audit function to assist the Board, the Chancellor and institutional presidents in the effective discharge of their responsibilities. The internal audit function shall be governed by an audit charter approved by the Board which shall describe the purpose of an internal audit, reporting requirements, responsibility, authority and scope of work. Responsibility for approving an annual audit plan and reviewing audit results, reports and recommendations shall be assigned to the Audit Committee of the Board of Regents.

All directors of internal audit at institutions having an internal auditor or internal audit department shall have a direct reporting relationship to the president of that institution and the Assistant Vice Chancellor for Internal Audit. The president of each institution having an internal auditor shall determine the organizational and operating reporting relationships of the internal auditors at their institution. The Assistant Vice Chancellor for Internal Audit shall have the authority to direct the internal auditors to audit specific functions at their institutions.

The director of internal audit of each System institution with an internal auditor shall meet at least annually with the Assistant Vice Chancellor for Internal Audit to discuss audits, audit findings, audit department independence and a proposed audit schedule.

The Assistant Vice Chancellor for Internal Audit is responsible for internal auditing and the directors of internal audit for the System institutions with an internal auditor. The Assistant Vice Chancellor for Internal Audit shall provide a Systemwide annual report to the Audit Committee of the Board (BR Minutes, 1935, p.73; 1991, p. 378).