Skip to main content.

Audit Charter


PURPOSE

Internal Auditing, as defined by the Institute of Internal Auditors, is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.  The goal of UMW’s internal audit function is to provide an objective, disciplined approach to evaluate and improve the effectiveness of risk management and control processes as they relate to UMW’s mission.

The objective of internal auditing is to assist management in the effective discharge of its responsibilities, by furnishing analysis, appraisals, recommendations, and information concerning the activities reviewed.  The objective includes promoting effective control at a reasonable cost, and to provide timely evaluations of effectiveness and efficiency of operations as requested.

There are four general categories of audits that are performed by the Internal Audit Department: financial related, compliance, operational efficiency and effectiveness, and investigations. 

In addition to the traditional assurance function normally expected of an internal audit department, internal auditing also provides “consulting services” which are advisory, the nature and scope of which are agreed upon with UMW management and which are intended to add value and improve UMW’s operations.  Examples include advice, facilitation, process design, training and participation on standing or temporary committees or project teams.  The Internal Audit Department will design the scope of work to ensure that independence, professionalism, and integrity are maintained.

NATURE OF INTERNAL AUDIT ACTIVITIES

Internal Audit coverage will encompass review of all University operations and activities to include but not limited to:

  • Appraising the effectiveness and application of administrative and financial controls
  • Ascertaining the reliability of related data developed within the institution
  • Evaluating the sufficiency of and adherence to establishing plans, policies, and procedures, including  compliance with  policies, procedures, standards,  laws and regulations
  • Reviewing the extent to which assets are accounted for and safeguarded from loss
  • Taking measures to foster continuous improvement in control processes
  • Evaluating the achievement of programs, plans and objectives

AUTHORITY

The Internal Audit Department has unrestricted access to all UMW books, records (manual and electronic), physical properties and personnel relevant to the subject of review.  The Internal Audit Department will exercise discretion in the review of records to assure the necessary confidentiality of matters that come to its attention. Where appropriate, the Internal Audit Department will make special arrangements for the examination of confidential information.

Approved by the Board of Visitors on February 20, 2009.

back to top