Goals and Objectives
Internal auditing is an independent appraisal function established to conduct reviews of operations and procedures, and to report findings and recommendations to University management and the Board of Visitors.
The goal of internal auditing is to assist members of the organization in the effective discharge of their responsibilities. In this respect, internal auditing furnishes them with analyses, appraisals, recommendations, counsel, and information concerning the activities reviewed.
This office of internal audit has adopted the Code of Ethics and the Standards for the Professional Practice of Internal Auditing, which are promulgated by the Institute of Internal Auditors, Inc. and upheld by the Office of the State Inspector General.
The Standards encompass:
- the independence of internal auditing from the activities audited and the objectivity of the internal auditor;
- the proficiency and exercise of professional care by the internal auditor;
- the scope of internal auditing work;
- the performance of internal auditing assignments;
- the administration of the internal auditing office. The internal auditor will comply with these standards when performing duties and responsibilities.
- Accomplish a minimum of 80% of the Annual Audit Plan.
- Develop a student internship program that will allow the internal audit office to increase its services while promoting the field of internal audit and expanding the education of Longwood students through study and work experience.
- Conduct a follow-up program of previously issued audit findings, including both internal and external recommendations.
- Coordinate internal and external audit effort during the annual APA audit.
- Allocate a minimum of 60% of audit effort to audits and audit-related projects, 15% to special projects, and 25% to administration.
- Report to the Board of Visitors on a quarterly, or more frequent, basis the status of audit activity, significant audit findings and recommendations, deviations from the audit plan, information on special projects explaining the purpose and scope, and an assessment of how internal audit goals and objectives are being met. Report to the President quarterly on administrative matters and status of the audit plan, and confer on follow-up activity of both external and internal audits.
- Obtain a minimum of 80 hours of continuing education related to specific job duties and responsibilities per each 2-year period.