Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps Georgia College (GC) accomplish its objective by bringing a systematic, disciplined approach to evaluate risk and improve the effectiveness of control and governance processes.
Mission and Scope of Work:
The overall mission of the Office of Internal Audit and Advisory Services at GC is to review the reliability and integrity of information, compliance with policies and regulations, and the processes for safeguarding of assets, as well as to make suggestions for improvements in operating efficiencies and internal controls. Internal Audit assists the campus with accomplishing its objectives by bringing a systematic, discipline approach to evaluate and improve the effectiveness of risk management, control, and governance processes. In accomplishing its mission, the scope of Internal Audit includes:
- Evaluating the campus’ risks to ensure they are appropriately identified and managed.
- Reviewing the effectiveness of governance processes such to include the promotion of ethical behavior and efficiency of organizational performance management and accountability.
- Consulting and educating on financial and operational processes, controls, related risks, and exposures.
- Providing guidance and advice on control and risk aspects of new policies, systems, processes, and procedures.
- Reviewing the reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report information.
- Determining whether the systems established ensure compliance with those policies, plans, procedures, laws, and regulations which could have a significant impact on operations and reports and whether the organization is in compliance.
- Reviewing the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
- Reviewing operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
- Reviewing specific operations at the request of the University President or Chief Audit Officer / Associate Vice Chancellor (CAO) from the Board of Regents, as appropriate.
- Reviewing the quality of performance of external auditors and the degree of coordination with Internal Audit.
- Investigating fraud and other types of fiscal misconduct.
- Analyzing and reviewing public private ventures undertaken by the GC cooperative organizations, as appropriate.
The Internal Audit Department shall adhere to The Institute of Internal Auditors’ “Code of Ethics.” The Institute’s “International Standards for the Professional Practice of Internal Auditing” (Standards) shall constitute the operating procedures for the department. The Institute of Internal Auditors’ “Practice Advisories” will be adhered to as applicable. In addition, the department will adhere to GC policies and procedures as well as those of the University System of Georgia Board of Regents (USG BOR).
The Internal Auditor has a dual reporting role as stated in the USG BOR Policy 7.10.02. The Internal Audit Department reports to the University President and CAO. The Audit Director has the responsibility to develop an annual audit plan based on a documented risk assessment. The audit plan is approved in accordance with the USG Internal Audit Charter. The President may request audits or advisory services at his or her discretion. The requests are reviewed, prioritized, and completed based on available resources. The CAO has the authority to direct Internal Audit to audit specific areas at the University as needed to fulfill the system-wide audit plan. The dual reporting role provides assurances that both a broad range of audit coverage and adequate consideration to the effectiveness of governance, risks, and controls will be accomplished. The CAO will report all significant audit issues directly to the Chair of the Committee on Internal Audit, Risk, and Compliance and to the Chancellor.
Authority is granted for full, free, and unrestricted access to any and all GC records, physical properties, and personnel relevant to any function under review. All employees are directed to assist the Internal Audit Department in fulfilling its function. Documents and information given to an Internal Auditor during a review will be handled in the same prudent and confidential manner as by those employees normally accountable for them.
The Internal Audit Department will have no direct responsibility or authority for any of the activities or operations it reviews. The department will not develop and install procedures, prepare records, or engage in activities that would normally be reviewed by internal auditors. Furthermore, an internal audit does not in any way relieve other university personnel of their responsibilities.
Charter last updated May 2011.
Office of Internal Audit and Advisory Services
300E Parks Hall
Campus Box 105
Milledgeville, GA 31061
Phone (478) 445-1549
Fax (478) 445-2049