University of Missouri System

Finance and Administration

Internal Auditing

Role of Internal Audit

Role of Internal Audit:

• Provide independent appraisal of the University’s financial, operational and control activities
• Act as a management self-regulating tool
• Report on:
  • The adequacy of internal controls
  • The accuracy and propriety of transactions
  • The extent to which assets are accounted for and safeguarded
  • The level of compliance with institutional policies, government laws and regulations

Management officials work with Internal Audit on a continuing basis to identify areas of potential financial and business risk that warrant periodic or special review through the development of a multi-year audit plan.

Internal audits can focus on one or more of these aspects : (1) Financial; (2) Operational; (3) Compliance; and (4) Investigative.

Internal Auditing has a direct reporting line to the President and operationally reports through the office of the Vice President for Finance and Administration. Internal Audit meets with the Finance and Audit Committee of the Board of Curators of the University four times per year. This committee serves as the Board committee on audit as stipulated in the Collected Rules and Regulations (10.050).

The internal auditors work directly with an Internal Audit Steering Committee, which is comprised of members from the university system, the four campuses, as well as the university hospital system. The committee is chaired by a member of the staff of the Vice President for Finance and Administration, who is the liaison for Internal Audit for the University of Missouri System.