What is Longwood University Internal Audit?
We are an independent assurance activity serving Longwood University.
Our ongoing reviews, based on a comprehensive audit plan, provide management with an evaluation of operating and financial systems and their related internal controls. This plan addresses not only financial systems, but also systems in non-financial areas established to ensure compliance with rules of external agencies and organizations.
Internal Audit is responsible for assessing the various functions and control systems of Longwood University, and for advising management concerning their condition. The fulfillment of this accountability includes, but is not limited to:
- Reviewing the application and effectiveness of administrative and financial controls, and reliability of the data that is developed within the University.
- Evaluating the sufficiency of, and the adherence to, University plans, policies, and procedures, and compliance with applicable laws and regulations.
- Ascertaining the adequacy of controls for safeguarding Longwood assets, deterring fraud, waste, and abuse, and when appropriate, verifying the existence of assets.
- Performing special reviews requested by the Board of Visitors and management.
- Coordinating audit planning and scheduling activities with the Auditor of Public Accounts, Joint Legislative Audit and Review Commission, and other external audit or review organizations.
- We are also responsible for investigating possible fraud, waste, or abuse situations found in audits or referred by third parties.
Internal Audit staff are trained professionals with business degrees. We participate in a variety of continuing education programs directed toward current issues in Higher Education and Internal Auditing.
Our goal is to provide you with skilled professional support that will enable you to more effectively fulfill the mission of your department.
What is Internal Control?
Internal control is anything that you do to safeguard, or make more efficient or effective use of, the assets of Longwood University. The Institute of Internal Auditors defines internal controls as the methods or procedures used by an organization to:
- ensure reliability and integrity of information;
- ensure compliance with policies, laws, regulations, etc.;
- safeguard assets;
- promote economical and efficient use of resources; and
- accomplish goals and objectives.
Examples of internal controls:
- Locking your desk and office when you are not there;
- Keeping your computer passwords secret;
- Verifying the accuracy of another staff member's work;
- Reviewing monthly department financial reports;
- Depositing cash receipts daily with the Cashiering Office.