MISSION AND SCOPE OF OPERATIONS
The mission of Internal Audit is to provide independent, objective, assurance, and consulting services intended to add value to operations of Saint Joseph’s University (SJU or the University). Internal Audit’s scope of operations is quite expansive. It assists the University in fulfilling its vision, mission, strategic initiatives, and objectives, while adhering to its core values, by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of enterprise-wide risk management, internal control systems, and governance processes. Ultimately, the internal audit function helps ensure:

  • Risks are appropriately identified and managed.
  • Significant financial, managerial, and operating information is accurate, reliable, and timely.
  • University resources are used efficiently and adequately safeguarded.
  • University operations are transacted in accordance with sufficient internal controls, good business judgment, and high ethical standards.
  • Quality and continuous improvement are fostered in the University’s internal control processes.
  • University management complies with relevant laws and regulations.

Opportunities for improving the University’s internal controls may be identified during internal audits. These opportunities will be communicated to the appropriate members of University management and, as appropriate, to the Vice President of Finance & Administration and Treasurer and to the Audit and Risk Committee of the Board of Trustees.

ACCOUNTABILITY
The Director of Internal Audit shall report administratively to the Vice President of Finance & Administration and Treasurer and functionally to the Chairperson of the Audit and Risk Committee of the Board of Trustees and shall:

  • Prepare an annual Internal Audit Plan and review it with the Vice President of Finance & Administration and Treasurer and the Audit and Risk Committee of the Board of Trustees.
  • Periodically provide information on the status and results of the annual Internal Audit Plan and the sufficiency of the internal audit function’s resources.
  • Coordinate with other control and monitoring functions of the University where appropriate.
  • Serve as a participating, but non-voting member of the Enterprise Risk Management Committee.

REPORTING
Reports of audit findings and related recommendations will be reviewed with University management directly responsible for the activity being evaluated and such other management as deemed appropriate. The purpose of reviewing results with management will be to reach agreement as to the facts and recommendations presented by the auditors and to make management aware of audit issues before a final report is issued. Internal Audit will periodically report a summary of audit findings and activity to the Vice President of Finance & Administration and Treasurer and to the Audit and Risk Committee. Detailed reports will be available to each request.

INDEPENDENCE
Independence is essential to the effectiveness of the internal audit function. To provide for the independence of the internal audit function, the Director of Internal Audit and anyone engaged or acting on his behalf, is hereby expressly prohibited from:

  • Performing any financial or operational duties for the University, unless required for brief, defined periods of time as unusual circumstances may dictate.
  • Initiating or approving accounting transactions external to the internal audit function.
  • Directing University personnel to change work methods or take corrective action in response to audit suggestions; acceptance of audit suggestions is the responsibility of University management.

In addition, the Director of Internal Audit shall have direct access at all times to the Vice President of Finance & Administration and Treasurer and the Audit and Risk Committee of the Board of Trustees should matters of immediate significance arise which require their attention.

AUTHORITY
Internal Audit coverage is by necessity enterprise-wide and no function, activity, department, or unit of the University is exempt from audit and review. The Director of Internal Audit and anyone engaged or acting on his behalf, is hereby duly authorized without limitation by the Audit and Risk Committee of the Board of Trustees to:

  • Have free, full, unrestricted, and unfettered access to all University functions, records, property, activities, manual and automated systems, and personnel.
  • Have free, full, unrestricted, and unfettered access to all third-party institutions, organizations and individuals who have business dealings with the University.
  • Have free, full, unrestricted, and unfettered access to the Audit and Risk Committee of the Board of Trustees and the Vice President of Finance & Administration and Treasurer.
  • Allocate resources, set frequencies, select subjects, determine scopes of work, and apply appropriate techniques required to accomplish the internal audit function’s objectives.
  • Obtain the necessary assistance of personnel in functions, departments, and/or units of the University where audits are performed, as well as other specialized services from within or outside the University.

STANDARDS OF AUDIT PRACTICE
Where practical, Internal Audit shall at all times conduct all internal audits in accordance with the International Standards for the Professional Practice of Internal Auditing adopted by The Institute of Internal Auditors.