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The Elon University Internal Audit Office reports functionally to the Board of Trustees Audit Committee with the Vice President for Business, Finance and Technology providing regular operational oversight. These reporting relationships ensure departmental independence, promote comprehensive audit coverage, and assure adequate consideration of audit recommendations.
Internal Audit is an independent appraisal activity established within the University to examine and evaluate Elon’s management systems. University administration has the primary responsibility for establishing and maintaining a sufficient system of internal controls. Internal Audit assists University administration in the effective discharge of its responsibilities by furnishing evaluations of departmental activities, recommendations for improvements in systems and procedures, and other information designed to promote effective controls.
Meaningful internal auditing requires cooperation among the Internal Audit Office, college administration, and the auditee. Each party’s responsibilities in this regard include but are not limited to the following:
In the course of its work, Internal Audit has full and complete direct access to all University books, records (manual and electronic), physical properties, and personnel relevant to the subject of review. All documents and information given to Internal Audit during their work will be handled in the same prudent manner that the University expects of the employees normally accountable for them.
The Internal Audit Office has neither direct responsibility for, nor authority over, any of the activities, functions, or tasks it reviews. Accordingly, Internal Audit does not develop or write policies or procedures that they may later be called upon to evaluate. They may review draft materials, developed by administration, for propriety and/or completeness. However, ownership of, and responsibility for, these materials remains with administration, not Internal Audit.
In discharging the duties set forth in this Charter the Internal auditor will be guided by appropriate standards for internal auditing and appropriate Code of Ethics. The department is expected to consistently demonstrate high standards of conduct and ethics as well as appropriate judgement, independence, and discretion. Members maintain a professional image and protect auditee confidences and confidential information.
The University Internal Auditor prepares an annual Internal Audit Plan for review by the Audit Committee of the Board of Trustees. Candidate projects come from a risk assessment, recommendations by senior administration, regular coverage of large functional operations (cashiering, accounts payable, etc), and special requests.
All audit work is summarized in timely written reports distributed to an appropriate list of recipients. In general, reports are distributed to the President, the Vice President for Business, Finance and Technology, the Assistant Vice president for Business and Finance, as well as the auditee, their immediate supervisor, and other department heads affected by audit findings. Special request reports may have a more limited distribution.
Internal Audit will provide administration with adequate time to prepare responses to audit report findings before distributing the reports to appropriate recipients outside of University administration.
A summary of all work performed during the current fiscal year will be prepared and presented to the Audit Committee of the Board of Trustees and the external auditor on a regular basis.