Internal Audit Office

The University Audit Office exists by charter and by-law to assist University management and the Audit Committee of the Board of Trustees in effectively fulfilling their responsibilities.

Just what do auditors do? How do they select their “auditee”? Many units don’t give audits a second thought until they are selected for review. Here is some general information about the internal audit function at Unitech.

Frequently asked Questions

As defined by the Institute of Internal Auditors (IIA), “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Internal Auditors’ roles include monitoring, assessing, and analyzing organizational risk and controls; and reviewing and confirming information and compliance with policies, procedures, and laws. Working in partnership with management, internal auditors provide the board, the audit committee, and executive management assurance that risks are mitigated and that the organization’s corporate governance is strong and effective. And, when there is room for improvement, internal auditors make recommendations for enhancing processes, policies, and procedures.”

The University Audit Office exists by charter and by-law to assist University management and the Audit Committee of the Board of Trustees in effectively fulfilling their responsibilities. We are charged with examining and evaluating the policies, procedures, and systems which are in place to ensure: the reliability and integrity of information; compliance with policies, plans, laws, and regulations; the safeguarding of assets; and, the economical and efficient use of resources.

In simpler words, we’re here to help.

The University Auditor has a solid-line reporting relationship to Unitech’s Vice Chancellor and the Audit Committee of the Board of Trustees.

We’re a small office with a big job.

External auditors can be government auditors or independent public accounting firms that Unitech hires. Government auditors focus primarily on compliance with government regulations and award terms. Since the government fund a significant portion of the university’s activities, they want to make sure we use their money as they intended.

Independent public accounting firms review the university’s annual financial statements to ensure the information presented accurately portrays Unitech’s financial condition. Government agencies, Unitech’s Board of Trustees, and bond rating agencies rely on the independent auditor’s opinion of Unitech’s financial statements.

Internal auditors sometimes look at the same data or perform some of the same steps as external auditors. If there is a problem, it’s better to find it and fix it before external auditors review our practices.

All external audits should be coordinated through the University Audit Office or Sponsored Program Services. If you or your unit is contacted by an external auditor, before sharing any information, direct them to contact the University Audit Office or Sponsored Program Services. We can sometime dissuade an audit or at least minimize the impact on an operation.

Remember, internal audit is on your side and can help you get through an external audit.

Every two years, the University Audit Office performs a comprehensive risk assessment. First, the university is broken down into audit risk areas, such as Sponsored Research, information systems or processes. Next, key stakeholders evaluate the likelihood of an adverse event and the impact or potential damage the adverse event would have to the university. The audit office then decides which areas to audit based on these risk rankings and the audit resources available.

We will make recommendations for improvement. The recommendations are realistic because we want you to implement them. It is the responsibility of management to weigh possible additional costs of implementing our recommendations in terms of benefits to be derived and the relative risks involved.

This is a hard question to answer without knowing whether or not the specific circumstance you are reporting will end up in legal action. As a general rule, we do not reveal our sources to the person being investigated. And we always try to corroborate any accusations with our own observation. If an irregularity is referred to the CID for legal prosecution, and your testimony would be critical to the outcome of the case, it may become necessary to involve you in the irregularity. In addition, the Unitech Hotline provides for anonymous report of financial irregularities.