The Internal Audit Office is structured in accordance
with The Bylaws of the Trustees Article IV, Section 6: "The
Treasurer of the Corporation shall maintain an internal
audit office independent of any other office of the Corporation
or of the University. The Director of Audits shall submit
to the Board annually a written report on the work of the
internal audit office for the preceding calendar year.
In addition, the Director of Audits, prior to the presentation
of the written annual report, shall make an annual oral
presentation concerning the work of the internal audit
office to the Audit and Insurance Committee, which shall
be made in the presence of the Treasurer. Immediately following
the completion of each oral presentation, the Director
of Audits shall confer with the Audit and Insurance Committee,
outside the presence of the Treasurer or any other officer
of the University on any subject germane to the area of
responsibility of the internal audit office. The written
annual report to the Board shall be made at a stated meeting
selected by the Audit and Insurance Committee but in no
event shall it be deferred beyond July 1 of each year without
the consent of the Chairman. In addition, at any time when
in the judgment of the Director of Audits circumstances
warrant or in response to a request from the Chairman of
the Audit and Insurance Committee, the Director of Audits
shall make a written or oral report to the Chairman of
the Audit and Insurance Committee without informing the
Treasurer or any other University officer. Subject to the
foregoing, the Treasurer shall attend the meetings of the
Audit and Insurance Committee and serve as its Secretary
and keep a record of its proceedings".
Mission
The mission of the Internal Audit Office
is to provide independent, objective assurance and consulting
services designed to add value and assist all levels of
administration in achieving University goals and objectives
by striving to provide a positive impact on the efficiency
and effectiveness of the operations. The Internal Audit
Office helps the University accomplish its objectives by
bringing a systematic, disciplined approach to evaluate
and improve the effectiveness of risk management, control,
and governance processes.
Role
The Internal Audit Office serves as an independent and
objective resource to examine and evaluate University activities
as a service to the Board of Trustees and management of
Purdue University.
Responsibility
The Internal Audit Office is responsible for conducting
internal audits and evaluating the University's risk management,
control, and governance processes. The audits include assessments
of the reliability of departmental financial information,
compliance with University policies and procedures, compliance
with laws and regulations, safeguarding assets, and the
effectiveness and efficiency of operations. In addition,
the Internal Audit Office may provide consulting services
including evaluations of internal controls, system implementation
controls, and other areas of interest and concern. The
Internal Audit Office may also provide specific audit or
consulting services for other activities in support of
its mission.
Independence
The Internal Audit Office has no direct operating responsibility
or authority for management processes, internal controls,
or any of the activities or operations they review, thereby
maintaining a spirit of independence and objectivity. The
internal audit review and appraisal does not in any way
relieve other persons in the organization of the responsibilities
assigned to them.
Authority
The Internal Audit Office has the authority to audit all
parts of the University and is granted full and complete
access to any records (in any form), physical properties,
and personnel relevant to a review. Documents and information
given to internal auditors during a review will be handled
in accordance with University policies and procedures.
The Director of Audits is responsible for supervising
the Internal Audit Office and for coordinating all internal
and external auditing functions, including annual financial
audits by certified public accounting firms and the Indiana
State Board of Accounts. The Director of Audits will be
responsible for coordinating federal audits with appropriate
University offices.
This document communicates the reporting structure, mission,
role, responsibilities, independence, and authority of
the Internal Audit Office.
