Author: juser

INTERNAL AUDIT AT YOUR INSTITION?

Brief overview about your internal audit department and staff.
If you would like to learn more about the Internal Audit department, please visit our website at:
Your department website

RESOURCES

What is Internal Auditing?
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Their independence and broad perspective of the organization make them a valuable resource to senior management and the board. They ensure that the organization is held accountable to its stakeholders.
Associate of College and University Auditors (ACUA)
http://acua.org
Institute of Internal Auditors (IIA)
https://na.theiia.org

UNIVERSITY LOGO HERE

Picture of your College or University here

Internal Audit
Myth Busters

Myths
Internal controls start with a strong set of policies and procedures.
Internal controls: That’s why we have auditors!
Internal controls are only concerned with financial transactions.
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Internal controls take time away from your core business activities.
Facts
Internal Controls start with a strong control environment.
While internal auditors play a role in assessing internal controls, management is the primary owner of internal controls.
Internal controls are an integral part of every aspect of University operations.
Internal controls enable you to focus more time on your core business activities.

Benefits of Effective Internal Controls

Reduces careless mistakes and risky transactions.
Increases management and staff effectiveness and efficiency.
Enhance responsibility and accountability.
#1 deterrent to internal malfeasance and embezzlement.

What is “Internal Control” anyway?

There is a direct relationship among the organization's objectives (which are what the entity strives to achieve); the components of internal control (which represent what is needed to achieve the objectives); and the operating units, legal entities and other structures within the entity (which are the levels of the organization where the components of internal control operate).

Operations

Reporting

Compliance

Control Environment

Risk Assessment

Function

Operating Unit

Entity Level

Division

Control Activities

Information &
Communication

Monitoring