Audit Charter

Introduction

The Internal Audit Department of the University of Mary Washington functions under an agreement with the Board of Visitors and the President, known as the Internal Audit Charter. The Charter defines the purpose, authority, and general responsibilities of the Internal Audit Department relative to the work performed as the internal audit function of the University.

Purpose

The Internal Audit Department is an independent appraisal activity established to conduct objective reviews of the institution's operations and procedures, and to report findings and recommendations to the President and/or the Board of Visitors, as appropriate.

The Code of Ethics and Standards for the Professional Practice of Internal Auditing promulgated by the Institute of Internal Auditors, Inc. and recognized as the industry benchmark for conducting audit activities, are hereby adopted as an integral part of the Internal Audit Charter. At all times, the Internal Audit Department shall perform its duties in concert with the University of Mary Washington's policies and objectives, and strive to assist and strengthen management by conducting conscientious reviews that promote sound and practical recommendations.

Authority

The Internal Audit Department shall report administratively to the President and shall have direct access to the Audit and Finance Committee of the Board of Visitors. The Internal Audit Director shall meet with the Audit and Finance Committee only as deemed necessary, but no less than once a year to present audit plans and reports, to review time summaries, and to discuss other issues relevant to the internal audit function.

To the extent permitted by law and with stringent accountabilities regarding safekeeping and confidentiality, internal audit personnel shall have unrestricted access to all activities, records, property, and employees which are relevant to the area under review.

To ensure objectivity and independence, the Internal Audit Department shall have no direct authority over or responsibility for activities which are subject to examination. In addition, no undue influence shall be exercised by management over the internal audit activities regarding techniques, findings, recommendations, or areas selected for review.

responsibilities

In performing the duties in the internal audit capacity, the Internal Audit Department is responsible for assessing the various functions and control systems in the University and for advising management concerning their condition. The fulfillment of this accountability includes, but is not limited to:

1. appraising the effectiveness and application of administrative and financial controls,
2. ascertaining the reliability of financial data developed within the institution,
3. evaluating the sufficiency of and adherence to established plans, policies, and procedures, including compliance with governmental laws and regulations,
4. reviewing the extent to which assets are accounted for and safeguarded from loss,
5. examining the economical and efficient use of resources,
6. performing special reviews requested by the President or the Board of Visitors,
7. recommending operating improvements,
8. developing a comprehensive audit plan and scheduling audit activities in concert with the Auditor of Public Accounts, and
9. coordinating internal and external reviews of the internal audit function in accordance with a quality assurance program.
   
   

Approved this 23rd day of September, 2000.

Signed by: William M. Anderson, Jr., President; Vincent A. DiBenedetto, III, Rector, Board of Visitors; Abas M. Adenan, Chairman, Audit and Finance Committee; and Helen C. Vanderland, Internal Audit Director

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