The Director of Internal Audit and Tax Compliance shall have the following responsibilities with respect to the internal audit function:
- Develop a flexible Annual Internal Audit Plan using an appropriate enterprise-wide risk-based methodology, including any risks or internal control concerns identified by management.
- Submit the Annual Internal Audit Plan to the Audit Committee of the Board of Trustees for review and approval.
- Implement the Annual Internal Audit Plan, as approved, including any special tasks or projects requested by the Audit Committee of the Board of Trustees, which may require deferral of otherwise planned audits delineated in the Annual Internal Audit Plan.
- Issue periodic reports to the Audit Committee of the Board of Trustees summarizing the results from internal audit activities.
- Update the Audit Committee of the Board of Trustees with respect to emerging trends and successful best practices in the field of higher education internal auditing.
- Assist in the investigation of significant suspected fraudulent or irregular activities within the University and notify the Audit Committee of the Board of Trustees of the results.
- Provide audits and reviews of various University activities, functions, departments, and units at appropriate intervals to determine whether they are effectively carrying out their functions of planning, operations, accounting, custody, and control in accordance with applicable law; University instructions, policies, and procedures; and in a manner that is consistent with the University’s vision, mission, core values, and objectives.