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Office of Internal Audit CHARTER

MISSION AND SCOPE OF WORK

The mission of the Office of Internal Audit is to provide independent, objective assurance and advisory services designed to add value and improve the operations of the University of Minnesota. It 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.

The scope of work of the Office of Internal Audit is to determine whether the University of Minnesota’s network of risk management, control, and governance processes, as designed and represented by management, is adequate and functioning in a manner to ensure:

• Risks are appropriately identified and managed.

• Interaction between governance groups occurs as needed

• Important financial, managerial, and operating information is accurate, reliable, and timely.

• Employees’ actions are in compliance with policies, standards, procedures, and applicable laws and regulations.

• Resources are acquired economically, used efficiently, and adequately protected.

• Programs, plans, and objectives are achieved.

• Quality and continuous improvement are fostered in the University’s control process.

• Significant legislative or regulatory issues impacting the University are recognized and addressed appropriately.

The Office of Internal Audit considers risks broadly and includes within its scope all activity posing financial, operational, technological, regulatory or reputational risk to the University. Opportunities for improving management control, efficiency and the University’s image may be identified during audits. They will be communicated to the appropriate level of management.

ACCOUNTABILITY

The Director of Internal Audit, in the discharge of his/her duties, is accountable to the Board of Regents Audit Committee and the President to:

• Provide assessments on the adequacy and effectiveness of the University’s processes for controlling its activities and managing its risks in the areas set forth under the mission and scope of work.

• Report significant issues relating to the processes for controlling University activities including potential improvements to those processes.

• Provide information concerning outstanding issues through their resolution.

• Periodically provide information on the status and results of the annual audit plan and the sufficiency of department resources.

• Coordinate efforts with other control and monitoring functions (e.g., compliance, security, legal environmental, external auditors, etc.).

INDEPENDENCE

To provide for the independence of the Office of Internal Audit, the Board of Regents delegates directly to the Director of Internal Audit the authorities necessary to perform the duties set forth in the mission and scope of work. Additionally, the Director of Internal Audit is delegated administrative and operational authorities by the President of the University.

RESPONSIBILITY

The Director and staff of the Office of Internal Audit are responsible for:

• Developing a flexible annual audit plan using an appropriate risk based methodology, including any risks or control concerns identified by management, and submit that plan to the audit committee for review and concurrence, as well as periodic updates as to the status of the plan.

• Implementing the annual audit plan, as approved, including any special tasks or projects requested by management and the audit committee.

• Maintaining a professional audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of this Charter.

• Issuing periodic reports to the audit committee and management summarizing results of audit activities.

• Keeping the audit committee informed of emerging trends and successful practices in internal auditing.

• Conducting investigations of allegations of financial and operational misconduct

AUTHORITY

The Director of Internal Audit and the staff of the Office of Internal Audit are authorized to:

• Have unrestricted access to all University functions, records, property, and personnel, subject to state and federal law.

• Have full and free access to the audit committee.

• Allocate departmental resources, set frequencies, select subjects, determine scopes of work, and apply the techniques required to accomplish audit objectives.

• Obtain the necessary assistance of personnel in units of the University where they perform audits, as well as other specialized services from within or outside the institution.

The Director of Internal Audit and staff of the Office of Internal Audit are not authorized to:

• Perform any operational duties for the University.

• Initiate or approve accounting transactions external to the Office of Internal Audit.

• Direct activities of any University employee not employed by the Office of Internal Audit, except to the extent such employees have been appropriately assigned to audit teams or to otherwise assist the internal auditors.

STANDARDS OF AUDIT PRACTICE

The Office of Internal Audit will carry out its responsibilities in accordance with University policy, state and federal law, and the Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors.

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