1.05 / Internal Audit Charter
Purpose:
Internal auditing is an independent, objective assurance
and consulting activity designed to add value and improve an
organization’s operations. It
helps an organization accomplish its objectives by bringing a
systematic, disciplined approach to evaluate and improve the
effectiveness of risk management, control and governance processes.
Authority:
The Kansas Board of Regents Internal Audit Function Policy
specifies that each state university shall have an internal audit
function. At Wichita
State University, the internal audit function is led by the
Director of Internal Audit. The
Director of Internal Audit reports directly to the University
President on all audit matters and reports administratively to the
Vice President and General Counsel.
The Internal Audit Function Policy of the Board further
specifies that internal auditors shall:
- Have no
restrictions placed on the scope of their work,
- Have full and free
access to all records, properties and personnel relevant to an
audit,
- Have no
responsibilities for the activities they audit, and
- Report directly to
the Board Fiscal Affairs and Audit Committee any situations
wherein the auditor perceives a conflict of interest with or
on the part of the university chief executive officer’s
involvement with the subject of an audit.
Responsibility:
It is the responsibility of Internal Audit to provide
assurance1 and consulting2 services in a manner that is consistent with the International
Standards
for the Professional Practice of Internal Auditing and Code
of Ethics promulgated by the Institute of Internal
Auditors.
Internal
Audit
will assist the University in maintaining effective controls by
evaluating their effectiveness and efficiency and by promoting
continuous improvement. Areas
of audit emphasis include:
- Achievement of the
University’s strategic objectives,
- Reliability and
integrity of financial and operational information,
- Effectiveness and
efficiency of operations and programs,
- Safeguarding of
assets, and
- Compliance with
laws, regulations, policies, procedures and contracts.
___________________
1The
Institute
of Internal Auditors defines “assurance services” as an objective
examination of evidence for the purpose of providing an
independent assessment of governance, risk management and control
processes for an organization.
The nature and scope of assurance services are determined
by the internal auditor. Examples include audits of
financial, compliance and information technology systems.
2The
Institute
of Internal Auditors defines “consulting services” as advisory
and related client service activities that are intended to add
value and improve an organization’s governance, risk management
and control processes without the internal auditor assuming
management responsibility.
The nature and scope of consulting services are subject to
agreement between the internal auditor and the client (the
services are generally performed at the specific request of a
client). Examples include counsel, facilitation,
process evaluation and training.
Revision Date:
December
1,
2006
November 1, 2007
June 1, 2010
December
7, 2012
