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Scope of Activities/Processes and Procedures

Internal Auditing activities include:
  • Developing a multi-year audit plan in conjunction with the Internal Audit Steering Committee and senior administration from across the UM System.
  • Implementing the internal audit plan.
  • Reviewing automated and manual controls supporting accounting, financial and operating procedures. Testing preventative and detective controls.
  • Reviewing the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
  • To a limited extent, assessing the efficiency with which resources are used.
  • Evaluating operations and programs to determine if results are consistent with established goals and objectives; that operations and programs are being carried out as planned; and expected benefits are being received.
  • Reporting to the president on a regular basis on all audits conducted, on follow-ups to audits, and on any current issues which may impact university operations.
  • Reporting to the Audit Committee of the Board four times per year on all audits performed, and on follow-ups on the audits as applicable.  
  • Investigating or assisting in investigation for special request audits, as requested by the president or Vice President for Finance.  

Reviewed 2013-08-12.