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Internal Audit|Audit Charter

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Internal Audit Department
Old main, Rm 415
1000 E. University Ave
Laramie, WY 82071-2000
Phone: 307-766-2385
Fax: 307-766-3288

  University of Wyoming Audit Charter

(Approved by UW Board of Trustees on January 21, 2011)

 Purpose and Definition

The Office of Internal Audit provides independent, objective assurance to the Board of Trustees as well as management through reviews, investigations and/or analysis regarding the current status of various departments and/or functions of the university. 

Internal Audit services are designed to add value, improve internal controls and strengthen the University's operations. Internal Audit helps the University accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and compliance processes.

 Authority of Internal Audit Department

Internal Audit reports to the Financial and Legal Affairs Committee of the Board of Trustees. This organizational structure ensures Internal Audit can perform reviews without undo pressure that may threaten the ability to complete the project in an unbiased manner.

Internal Audit is granted the authority to review all parts of the institution and shall have full and complete access to any of the institution's records, physical properties and personnel. All employees are directed to assist the Internal Audit Department in fulfilling its function. Documents and information given to the auditors will be handled in the same prudent and confidential manner as by those employees normally accountable for them.  They will exercise discretion and assure the safekeeping and confidentiality of audit matters.

Internal Audit's objectivity and independence depends largely on having no responsibility for or authority over any of the activities or operations subject to its review.  Therefore, an internal audit review in no way relieves management of any assigned responsibilities. The Internal Audit Department should make recommendations for new or additional controls or procedures, but not develop or install them, prepare records or engage in any activities which they would normally be required to review.

 Scope of Internal Audit

The scope of Internal Audit shall be sufficiently comprehensive to enable the effective and regular review of all operational, financial and related activities. These areas of audit will be determined by risk assessment processes as well as special requests. The Internal Audit coverage may extend to all areas of the University of Wyoming, including all separately appropriated and budgeted units, and include financial, accounting, administrative, and other operational activities.

 Audit Methodology

For all planned audit projects, the unit head responsible for the activity under review shall be advised of the objectives and scope of the procedures to be conducted, prior to the commencement of such procedures. Observations and recommendations will be discussed with the individual(s) responsible for the areas in question during the audit process. Upon completion of audit procedures, the unit head responsible for the activity under review will be asked to provide a written response that includes actions that have been or will be taken to correct any areas needing improvement.  A follow up review will be conducted by Internal Audit to report the status of the audit issues.

 Values

In carrying out this mission, we share certain beliefs and values.

The primary focus is to provide excellent service to the University. Reviews will be performed in accordance with applicable standards established by the American Institute of Certified Public Accountants and the Institute of Internal Auditors.

We are committed to the highest degree of fairness, integrity and ethical conduct in the performance of our mission. We will adhere to the code of Ethics as established by the Institute of Internal Auditors and the Association of College and University Auditors.

Further, we will not issue an audit without first allowing the recipient the opportunity to review, challenge, question and respond to our findings and recommendations.

Our relationship with the University community will be characterized by respect, helpfulness, sharing, patience and openness. We are committed to maintaining our professionalism as internal auditors through continuance of our education and training.

 

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1000 E. University Ave. Laramie, WY 82071 // UW Operators (307) 766-1121 // Contact Us