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March 6, 2014

Trustees committee approves changes in Internal Audit’s charter

The trustees audit committee approved minor changes to the Internal Audit department charter in a brief public session on March 3.

Audit committee chair Marlee S. Myers said the mission statement’s references to “internal control framework” have been changed to “internal control.” The changes “effectively clarify that the scope of the mission of Internal Audit is quite broad and covers all internal controls and not merely the internal control framework. This was intended all along,” she explained.

“It’s always been the case that our Internal Audit department has had responsibility to evaluate and improve the effectiveness of all of our internal controls and has taken that responsibility quite seriously,” Myers said.

The charter states that the Internal Audit department’s mission “is to provide independent, objective assurance and consulting services designed to add value and improve the University’s operations. Internal Audit helps the University to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of the internal control, risk management, compliance and governance processes. Internal Audit will assist University management and the audit committee of the Board of Trustees in identifying, avoiding and mitigating risks.

“To accomplish its threefold mission of teaching, research and public service, the University must maintain the confidence of its Board of Trustees, faculty, staff, students, alumni, the public, elected officials and various other constituencies. Confidence in the institution is paramount if the University is going to achieve its stated objectives. The Internal Audit department provides valuable support in maintaining the public’s confidence by performing independent and objective reviews and reporting to the audit committee and responsible administrative and academic officers on their findings so corrective actions or enhancements can be initiated.”

—Kimberly K. Barlow