Approved by the Board of Governors on September 18, 1992
Internal Audit and Risk Management at Missouri State University is an independent appraisal function established to examine and evaluate its activities as a service to the university. The objective of the Internal Audit and Risk Management Department is to assist members of the organization in the effective discharge of their responsibilities. To this end, Internal Audit and Risk Management provides analyses, recommendations, counsel, and information concerning the activities reviewed.
The members of the organization assisted by Internal Audit and Risk Management include those in administration and those on the Board of Governors. The Internal Audit and Risk Management Department owes a responsibility to provide these individuals and groups with information about the adequacy and effectiveness of the organization's system of internal control, and the quality of performance.
To achieve the highest degree of independence, the Internal Audit and Risk Management Department reports to the Board of Governors. In carrying out its duties and responsibilities, the Internal Audit and Risk Management Department shall have unrestricted and timely access to all organizational activities, records, property, and personnel. All Internal Audit and Risk Management endeavors are to be conducted in compliance with university policies as well as the Code of Ethics and the Standards for the Professional Practice of Internal Auditing which are promulgated by the Institute of Internal Auditors, Inc.
In performing its function, the Internal Audit and Risk Management Department has no direct responsibility for, or authority over, any of the activities which it reviews. The internal audit review and appraisal process does not, therefore, relieve other persons in the organization of the responsibilities assigned to them.
The Internal Audit and Risk Management Department is responsible for assessing various functions and control systems in the university and for advising the Board and administration concerning their condition. The fulfillment of this accountability includes but is not limited to the following:
- Examining and evaluating the adequacy and effectiveness of the overall system of administrative and financial controls.
- Determining the reliability and integrity of financial and operating data.
- Evaluating sufficiency of and adherence to university plans, policies, and procedures and compliance with State and Federal laws and regulations.
- Ascertaining the extent to which university assets are accounted for and safeguarded and, as appropriate, verifying the existence of such assets.
- Appraising the economy and efficiency with which university resources are employed.
- Submitting an annual audit plan for audit coverage that fulfills the responsibility of the Internal Audit and Risk Management Department.
- Issuing written reports of audit findings and recommendations to the Board of Governors and the administration.
- Reviewing plans or actions taken to correct reported conditions for satisfactory disposition of audit findings.