Purpose
Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve the University's operations. It helps the University accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. This activity shall be the responsibility of the Director of Internal Auditing, who, per State statute, reports directly to the President.
The responsibility of the Office of Internal Auditing is to serve the
University in a manner that is consistent with the Standards for the
Professional Practice of Internal Auditing, professional standards of
conduct and the
"Fiscal Control and Internal Auditing
Act".
This responsibility includes
coordinating internal audit activities with others so as to best achieve the
audit objectives and the objectives of the University.
The
internal auditing activity at Eastern covers a broad area of activities within
the University. The services the office provides range from testing
transactions for compliance with generally accepted accounting principles and
established rules and regulations, to operational audits involving in-depth
reviews directed towards improving efficiency and effectiveness.
Although these services will, at times, include the audit of financial records
and transactions, the scope of examinations is not restricted to financial
matters but extends into all phases of University operations.
The
goals and objectives of the Office of Internal Auditing at Eastern Illinois
University are:
to assist University management in the effective discharge of its
responsibilities by furnishing management with analysis, appraisals,
recommendations, counsel, and information concerning the activities reviewed.
to serve the University in a manner that is
consistent with the Standards for the Professional Practice of Internal
Auditing, professional standards of conduct, and the
"Fiscal Control and Internal Auditing Act".
to maintain technical competence within the Office of Internal Auditing
through membership and participation in professional societies, attendance at
professional conferences and seminars, and the utilization of self study
materials.
The internal auditors have no direct authority over, or responsibility for, any of the activities examined. Internal auditors do not develop and install procedures, prepare records, make management decisions, or engage in any other activity that could reasonably be construed to compromise the independence of the internal auditing activity. Review and appraisals by the internal auditors does not in any way substitute for, or relieve, other persons of assigned responsibilities.
The
primary responsibilities of Internal Auditing include the following:
reviewing
operational procedures to ascertain whether results are consistent with
established objectives and goals and whether the procedures are carried out as
planned;
recommending
financial, operational, and compliance improvements;
determining that the overall system of internal control and the
controls in each activity under audit are adequate, effective, efficient, and
functioning;
determining
the reliability and adequacy of the accounting, financial, and reporting
systems and procedures;
ensuring
that University activities conform with generally accepted accounting
principles, University policies and procedures, state and federal laws and
regulations, contractual obligations, and good business practices; and
ascertaining
the extent to which University assets exist, are properly accounted for, and
are safeguarded from losses of all kinds.