This charter establishes the purpose, authority and responsibilities of the Internal Audit Department of the University of Hartford.
Internal auditing is an independent appraisal activity established to evaluate the adequacy and cost effectiveness of the University’s systems of internal control, (administrative and accounting) as well as the efficiency of operations present within the University.
The Internal Audit Department supports members of the University in the effective discharge of their responsibilities of planning, accounting, stewardship and control in accordance with the policies and objectives of University of Hartford Management and the Board of Regents. To this end, internal auditing provides analyses, appraisals, recommendations, counsel and information concerning the activities examined.
All endeavors of the Internal Auditing Department are to be conducted in compliance with objectives and policies established by the board of regents and the officers of the University, as well as the Code of Ethics and the Standards for the Professional Practice of Internal Auditing, which are promulgated by the Institute of Internal Auditors, Inc.
The Internal Audit Department reports administratively to the vice president for finance and administration and has a direct and unrestricted reporting relationship to both the Audit Committee of the Board of Regents and the Officers of the University. Periodic activity report programming shall be prescribed by the president, the vice president for finance and administration and the audit committee providing the following:
These reporting relationships ensure departmental independence, promote comprehensive audit coverage, and assure adequate consideration of the audit recommendations.
Additionally, the Internal Audit Department regularly informs each dean and director of the respective colleges and University departments about audit activities within their areas of responsibility.
In undertaking any audit, subject to any restrictions on privileges at law and with stringent accountabilities of safekeeping and confidentiality, this department is authorized to have unlimited access to all University activities, records, property and employees on a need-to-know basis.
This department is a staff function that has no direct responsibility for or authority over activities that are reviewed. Therefore, the internal audit will neither make financial or operating decisions nor direct personnel to change work methods or take corrective action in response to audit recommendations. Internal audit’s review and appraisal of activities does not relieve other persons in the University of any of their responsibilities and of establishing an adequate system of internal control.
A system of internal control is defined as those elements of an organization including, but not limited to, its resources, systems, processes, culture, structure and tasks that, taken together, support people in the achievement of the organization’s objectives. These objectives may fall into one or more of the following categories:
Although adoption of audit recommendations is encouraged, appropriate disposition will be the responsibility of the applicable operating managers and, if necessary, senior management and/or the officers of the University. Management is responsible for ensuring appropriate actions are taken to address audit recommendations.
The professional responsibilities of the Internal Audit Department include assessing the various functions and control systems in the University and advising management concerning their condition. The fulfillment of this accountability includes the following:The responsibilities of Senior Management include
This charter is approved by the Audit Committee of the Board of Regents and the Officers of the University of Hartford. The Audit Committee of the Board of Regents reserves the right to modify the Charter when necessary.