Understanding Internal Auditing: Role and Importance
Understanding Internal Auditing
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No – It is not to be a thorn in your side.
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We are required by TBR.
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Per TBR Policy 4:01:05:00, each 2 year- institution shall
have at least 1 full-time auditor or have an approved
agreement with a university or other two-year institution
to provide the required audit services.
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Here at Cleveland State, the department is 1 FTE. In the
internal auditing world we are called a “one man shop
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Internal Audit has a dual reporting responsibility.
Administratively, we report to the campus president and
functionally to the Director of System-wide Internal Audit at
TBR
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Our mission is to provide independent, objective assurance and consulting
services designed to add value and improve College operations.
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To accomplish this mission, we systematically evaluate the effectiveness of
risk management, internal controls and governance processes and
recommend improvements were needed.
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Internal audit is different from external audit in that internal audit primarily
serves the interests of the college where the auditor is employed.
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These interests include compliance with external regulations, laws and
expectations, but also encompass goals and objectives that are internal to the
college.
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Internal Audit is also responsible for handling Fraud, Waste, and Abuse
concerns received from employees. Any concerns received can be made
anonymously.
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Internal Audit can consult with your department in the development of
internal controls.
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Controls are the responsibility of management, but we can evaluate your developed
controls and offer suggestions for improvement.
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This process does not have to wait for an audit of your department.
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We can serve on implementation teams to provide suggestions for controls as well as to
help the team navigate regulatory requirements.
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Internal Audit can assist you in training and creating
that tone at the top
.
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For Example, We can speak to you department or direct
reports regarding the importance of a internal controls
pertaining to your area or a specific internal control and
safeguarding of assets.
•
Internal Audit’s presence at a meeting can signal the
importance of a topic to your staff.
•
Internal Audit is also open to your suggestions each
year when the annual audit plan is developed.
•
If you have a concern or need some assistance, please
let us know.
•
We reserve time each year for investigations and
consulting engagements that arise throughout the year.
•
My door is always open, feel free to stop by my office
in the bottom of the Library L-116 or call me anytime at
Ext 705.
Internal Audit Department exists to provide independent assurance, consulting services, and improve operations by evaluating risk management, internal controls, and governance processes. It reports to the campus president and the Director of System-wide Internal Audit at TBR while serving the college's interests and handling fraud concerns. Internal Audit helps departments with internal control development, training, and creating a tone at the top.
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Presentation Transcript
Why does the Internal Audit Department Exist Why does the Internal Audit Department Exist No It is not to be a thorn in your side. We are required by TBR. Per TBR Policy 4:01:05:00, each 2 year- institution shall have at least 1 full-time auditor or have an approved agreement with a university or other two-year institution to provide the required audit services. Here at Cleveland State, the department is 1 FTE. In the internal auditing world we are called a one man shop
Who does Internal Audit report to? Who does Internal Audit report to? Internal Audit has a dual reporting responsibility. Administratively, we report to the campus president and functionally to the Director of System-wide Internal Audit at TBR
What is Internal Audits role? What is Internal Audit s role? Our mission is to provide independent, objective assurance and consulting services designed to add value and improve College operations. To accomplish this mission, we systematically evaluate the effectiveness of risk management, internal controls and governance processes and recommend improvements were needed. Internal audit is different from external audit in that internal audit primarily serves the interests of the college where the auditor is employed. These interests include compliance with external regulations, laws and expectations, but also encompass goals and objectives that are internal to the college. Internal Audit is also responsible for handling Fraud, Waste, and Abuse concerns received from employees. Any concerns received can be made anonymously.
How can Internal Audit help your department? How can Internal Audit help your department? Internal Audit can consult with your department in the development of internal controls. Controls are the responsibility of management, but we can evaluate your developed controls and offer suggestions for improvement. This process does not have to wait for an audit of your department. We can serve on implementation teams to provide suggestions for controls as well as to help the team navigate regulatory requirements.
Internal Audit can assist you in training and creating that tone at the top. For Example, We can speak to you department or direct reports regarding the importance of a internal controls pertaining to your area or a specific internal control and safeguarding of assets. Internal Audit s presence at a meeting can signal the importance of a topic to your staff.
Internal Audit is also open to your suggestions each year when the annual audit plan is developed. If you have a concern or need some assistance, please let us know. We reserve time each year for investigations and consulting engagements that arise throughout the year. My door is always open, feel free to stop by my office in the bottom of the Library L-116 or call me anytime at Ext 705.
