What does Internal Audit do?
- Provide management with important and useful information
- Determine presence and functioning of internal controls in operating environment
- Suggest ways to improve the efficiency and effectiveness processes
- Assess compliance with policies, procedures, laws, and regulations.
- Promote effective internal control at reasonable cost.
- Verify existence and safeguarding of assets
- Conduct examinations and reviews as requested by management.
What university activities are auditable?
- Administrative, academic, or auxiliary departments.
- Information technology systems.
- Grants, contracts, and externally funded programs.
- Organizational units such as divisions, sub-divisions, or regional campuses.
- Payroll, purchasing, construction, marketing, accounting, and human resources functions
- Laws and regulations.
- Policies, procedures, and practices.
What are internal controls?
Internal controls are activities grouped in a system designed to provide reasonable assurance about the achievement of the following objectives:
- The reliability and integrity of information.
- Compliance with policies, plans, procedures, laws, and regulations.
- The safeguarding of assets.
- The economical and efficient use of resources.
Who is responsible for internal controls?
- Management is responsible for ensuring that internal controls are established and functioning.
- Management must create additional controls or altering existing controls as operating environments change.
Why is a segregation of duties important?
- When duties are properly segregated the potential for loss or inappropriate use of university assets is minimized.
- Supervisory review of work does not replace the need for segregation of duties.
- Proper segregation of duties in an operating environment can provide a level of assurance for proper use and safeguarded of assets.
Why would I want to request an audit?
- An audit is very beneficial to assess operations within any area of the university.
- Review of department's administrative activity can help ensure that your procedures continue to comply with University policies.
- Beneficial to assess system controls and procedures when new IT systems are planned for implementation.
- All requests will be evaluated to determine whether an investigation or review is warranted.
How long should records be retained?
Please refer to the university's record retention schedule for details.
Mailing AddressP.O. Box 5190
Kent, OH 44242-0001
Street Address800 E. Summit St.
Kent, OH 44240
Street Address226 Schwartz Center, Kent, OH 44242
Mailing AddressPO Box 5190
Kent, OH 44242-0001