About Internal Audit
The Director of Internal Audit reports administratively to the Financial Vice President and Treasurer, and functionally to the Chair of the Finance and Audit Committee of the Board of Trustees. The Audit Plan and Risk Analysis details specific goals/objectives and scheduled audit engagements and is submitted annually to the Finance and Audit Committee and University Management.
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Mission and Scope of Work
The mission of Internal Audit is to provide independent assessment, objective assurance and consulting designed to add value and improve Boston College operations. Internal Audit helps the University accomplish its objectives by evaluating and improving the effectiveness of risk management, control, and governance processes. We help to ensure that:
- Operations are transacted in accordance with sufficient internal controls, good business judgment, and high ethical standards.
- Assets are safeguarded.
- Accounting and administrative controls are effective and efficient.
- Risks are appropriately identified and managed.
- Significant financial, managerial, and operating information is accurate, reliable, and timely.
- Employee actions are in compliance with policies, standards, procedures, and applicable laws and regulations.
- Significant legislative or regulatory issues impacting the University are recognized and addressed properly.
The scope of audit coverage is enterprise-wide and no function, activity, or unit of the University is exempt from audit and review. To provide for the independence of the internal auditing department, its staff report to the Director of Internal Audit, who reports administratively to the Financial Vice President and functionally to the board and audit committee.
Internal Audit has the responsibility to:
- Appraise the adequacy of internal controls.
- Verify the existence of University assets and ensure that proper safeguards are maintained to protect them from loss.
- Evaluate whether existing policies, procedures and practices are functional and effective.
- Provide guidance on control aspects of new systems and procedures.
- Assess the integrity of University information systems and recommend security improvements.
- Perform special studies or investigations requested by management.
- Develop and implement a flexible annual audit plan using appropriate risk-based methodology, including any risks or control concerns identified by management, and submit that plan to the audit committee for review and approval.
- Maintain sufficient knowledge, skills, experience, and professional certifications to meet the requirements of this charter.
- Issue periodic reports to the audit committee and management summarizing results of audit activities.
- Keep the audit committee informed of emerging trends and successful practices in internal auditing.
- Provide a list of significant measurement goals and results to the audit committee.
- Assist in the investigation of significant suspected fraudulent activities within the organization and notify management and the audit committee of the results.
- Consider the scope of work of the external auditors and regulators, as appropriate, for the purpose of providing optimal audit coverage to the organization at a reasonable overall cost.
Standards of Audit Practice
The internal auditing department strives to comply with the International Standards for the Professional Practice of Internal Auditing of The Institute of Internal Auditors.