Internal Audit and Risk Management Charter

G1.15 Internal Audit and Risk Management Charter

Internal Audit and Risk Management at Missouri State University is an independent appraisal function established to strengthen the organization’s value creation, protection, and sustainability, advise on issues of governance, risk management, and control processes, provide information necessary to management for decision making and oversight, enhance the organizations reputation and credibility with its stakeholders, and serve the public interest. The purpose of the Office of Internal Audit and Risk Management is to enhance the organization’s success by providing the Board of Governors and administration/management with objective assurance and advice. To this end, Internal Audit and Risk Management provides analyses, recommendations, counsel, and information concerning the activities reviewed.

To achieve the highest degree of independence, the Office of Internal Audit and Risk Management reports functionally to the Board of Governors through the Risk Management and Audit Committee, and administratively to the President. In carrying out its duties and responsibilities, the Office of Internal Audit and Risk Management 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 Global Internal Audit Standards which are promulgated by the Institute of Internal Auditors, Inc.

In performing its function, the Office of Internal Audit and Risk Management 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 Office of Internal Audit and Risk Management 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 Office of Internal Audit and Risk Management.
• 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.