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Internal Audit: Goals and Objectives for 2007 - 2008

 

Mission of Internal Audit

To provide the Board of Visitors, the President, and the Administrators of the University of Mary Washington with objective and independent analysis of the operations of this institution and, where necessary, make recommendations for improving the reliability and integrity of information, compliance with laws, safeguarding assets, and improving the economy and efficiency of operations.

I. OBJECTIVE: Provide current, relevant, and objective opinions to the Board.

A. GOAL: To spend 75% of hours available on audits, special projects, management
requests, or audit related projects.  This will be accomplished as follows.

  • Prepare the audit plan for July 1, 2007 - June 30, 2008 to reflect the goal.
  • Coordinate audits with the Auditor of Public Accounts attempting to avoid duplication of audit effort.
  • Meet periodically with the President, Board, and other members of the staff to determine if needs have changed and modify the audit plan accordingly.

B. GOAL: To update the risk assessment and prepare the audit plan for fiscal year 2007-2008.

  • Obtain and review the most current organizational charts.
  • Update the risk analysis of the University by implementing the Risk Assessment Survey questionnaire as needed.
  • Ask management about concerns or special needs.
  • Implement the risk assessment model as a result of information gathered.
  • Prepare a feasible audit plan for submission to the President and Board of Visitors.

II. OBJECTIVE: Fulfill management requests and facilitate resolution of problems.

A. GOAL: To maintain appropriate working relationships. This goal can be accomplished as follows.

  • Perform audits and fulfill management requests, which lead to the building of a base of knowledge and a common ground for those involved.
  • Present information at meetings regarding the Internal Audit function and the types of services offered.
  • Present information to student organizations regarding important internal controls and assist when needed.

III. OBJECTIVE: Maintain technical competence through continuing education.

A. GOAL: To obtain at least eighty hours of Continuing Professional Education.

The training (which is required to maintain professional certifications) will focus, where possible, on university accounting, information technology, and auditing issues.  Suggested training for the year includes:

    • Classes offered by the Department of the State Internal Auditor, SANS, and the MIS Training Institute.
    • College and University Auditors of Virginia (CUAV) Conference.
    • Association of College and University Auditors (ACUA) Conferences.
    • Virginia Alliance for Secure Computing and Networking (VASCAN) training sponsored by institutions of higher education.
    • Educause  (A nonprofit association whose mission is to advance higher education by promoting the intelligent use of information technology).
    • Mid-Atlantic Banner Users Group (MABUG) Conference (Association of colleges and universities in Delaware, Maryland, the District of Columbia, Virginia, North Carolina, South Carolina, and Tennessee using Banner).

B. GOAL: To build business relationships with other members of the internal auditing profession.

This goal can be accomplished by:

  • Participate on Peer Review teams.
  • Serving on committees and boards of professional associations.
  • Attending meetings of the Central Virginia Chapter of the Institute of Internal Auditors.
  • Attending meetings of the Information Systems Audit and Control Association.
  • Attending the Director’s Roundtable offered by the State Internal Auditor.
  • Networking with other internal audit departments