About Internal Audit
We are committed to assisting management in achieving their oversight, operating and management responsibilities by providing independent and objective services.
To work objectively and collaboratively for the success of Boston College.
To support management and the Trustees of Boston College by:
- Providing an independent and objective assessment of risk and aligning our annual audit plan with the strategic mission of the University;
- Engaging with stakeholders to address risk, identify opportunities for continuous improvement and strengthen the effectiveness and efficiency of operations;
- Delivering value-added service to our clients by maintaining and sharing knowledge of industry trends and best practices; and
- Performing our audit work in accordance with the International Professional Practices Framework (IPPF).
The scope of our audit coverage is enterprise-wide and no function, activity, or unit of the University is exempt. 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 Treasurer and functionally to the Chair of the Finance and Audit Committee of the Board of Trustees.
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 perform its responsibilities.
- Issue periodic reports to the audit committee and management summarizing the 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.