Auburn University Internal Audit Charter

Purpose and Scope

Internal Auditing is an independent appraisal activity established to examine and evaluate the activities of the University as a service to management and the Board of Trustees. Internal Auditing assists management in accomplishing their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, internal control, and governance processes so that:

• University assets are safeguarded;
• Information is accurate and reliable;
• University policies and procedures and external laws and regulations are followed;
• Resources are used efficiently and economically;
• Operations and programs are being carried out as planned and results are consistent with the University’s objectives.

Authority and Responsibility

Internal Auditing is authorized to have full, complete and unrestricted access to all University records, physical properties, and personnel relevant to an audit project or assignment. Internal Auditing will handle any documents and information obtained or reviewed during an assignment in a prudent and responsible manner. In fulfilling their responsibilities, internal auditing shall have the responsibility to:

• Develop a flexible annual audit plan using an appropriate risk-based methodology.
• Submit the annual audit plan to the Audit Committee of the Board of Trustees for their input and approval.
• Plan and perform audits and reviews as noted on the audit schedule.
• Perform special administrative requests, special projects, investigations and consulting services as requested by management and deemed high risk by the Executive Director.
• Make recommendations for improvements to the systems of risk management, internal control and governance processes.
• Report the results of audit work to the appropriate level of management and the Audit Committee.
• Provide an annual written report of audit activities to senior management and the Audit Committee.
• Work with the external auditors and other agencies to seek to avoid redundancies in audit effort.
• Maintain appropriate professional development to ensure the staff has the skills and abilities to perform audit assignments.
• Keep the Audit Committee and management aware of emerging trends regarding internal controls, risk management, governance and internal auditing.
• Strive to comply with the International Standards for the Professional Practice of Internal Auditing and Code of Ethics as issued by the Institute of Internal Auditing.

Approved by the Auburn University Board of Trustees
November 12, 2004