This charter identifies the purpose, authority, and response of the Office of Internal Audit.
The purpose of Longwood University’s Office of Internal Audit is to provide independent, objective assurance and consulting services designed to add value and improve the University’s operations. Internal Audit assists 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 missing of Internal Audit is to enhance and protect organizational value by providing risk-based and objective assurance, advice and insight.
The Office of Internal Audit Office reports functionally to the Board of Visitors and administratively to the President. The Director of Internal Audit will have free and fuss access to the Board of Visitors Audit Committee. These reporting relationships ensure departmental independence, promote comprehensive audit coverage, and assure adequate consideration of audit recommendations. With strict accountability for confidentiality and safeguarding records and information, Internal Audit has complete and direct access to all University records, physical properties, and personnel relevant to the subject of review.
All internal audit activities shall remain free of influence from any element in the organization, including audit selection, scope, procedures, frequency, timing and report content. The Director of Internal Audit and the audit staff shall have no direct operational responsibility or authority over any of the activities reviewed. Accordingly, Internal Audit shall not develop or install systems or procedures, prepare records, or engage in any other activity which would be audited. The Director of Internal Audit shall not direct the activities of any University employee not employed by the internal audit function except to the extent that such employee has been appropriately assigned to audit teams or to otherwise assist the internal auditors.
The Director of Internal Audit and the audit staff will sign an annual conflict of interest and confidentiality statement to disclose any situation that may impair their objectivity. Any impairment of independence or objectivity, in fact or appearance, shall be disclosed to appropriate parties. The Director of Internal Audit and the audit staff will exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. Auditors will make balanced assessments or all available and relevant facts and circumstances and not be unduly influenced by their own interests or by others in forming judgements. The Director of Internal Audit will confirm to the Board of Visitors Audit Committee, at least annually, the organizational independence of the internal audit activity.
The scope of internal audit activities encompasses objective examinations of evidence for the purpose of providing independent assessments to the Board of Visitors Audit Committee, management, and outside parties on the adequacy and effectiveness of governance, risk management, and control processes. The Office of Internal Audit’s assessments include evaluating whether:
All audit work meets the International Standards for the Professional Practice of Internal Auditing and Code of Ethics promulgated by the Institute of Internal Auditors, Inc. Generally accepted auditing standards promulgated by the American Institute of Certified Public Accountants and government auditing standards issued by the United States General Accounting Office will be referenced as appropriate.
Internal Audit staff is expected to consistently demonstrate and maintain high standards of conduct, professionalism, independence, and character in order to administer proper and meaningful internal auditing within the University. In addition, Internal Audit’s activities and conduct shall be consistent with the policies of the University.
Internal Audit staff is expected to comply with the Core Principles for the Professional Practice of Internal Auditing as follows:
The Office of Internal Audit will require an external quality assurance review by an independent party at least once every five years. Quality assurance is essential to maintaining an internal auditing department’s capability to perform its functions in an efficient and effective manner. In addition, this review is important in achieving and maintaining a high level of credibility with the Board of Visitors, the President, management, and others that rely on the work of the Office of Internal Audit.
Revised and approved by the Board of Visitors, September 2010.
Revised and approved by the Board of Visitors, December 2013.
Revised and approved by the Board of Visitors, June 2015.
Revised and approved by the Board of Visitors, June 2016.
Revised and approved by the Board of Visitors.