DEFINITION OF INTERNAL AUDITING:
The Internal Audit Department is an independent and objective assurance and consulting activity guided by a philosophy of adding value to improve the operations of the University. It assists the University in accomplishing its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the University’s governance, risk management, and internal controls.
To enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.
First published in July 2015, these principles articulate internal audit effectiveness. For an internal audit function to be considered effective, all Principles should be present and operating effectively.
- Demonstrates integrity.
- Demonstrates competence and due professional care.
- Is objective and free from undue influence (independent).
- Aligns with the strategies, objectives, and risks of the organization.
- Is appropriately positioned and adequately resourced.
- Demonstrates quality and continuous improvement.
- Communicates effectively.
- Provides risk-based assurance.
- Is insightful, proactive, and future-focused.
- Promotes organizational improvement.
The Department executes its mission by annually conducting a series of planned audits and reviews as well as assisting management with advisory and investigative requests.
At the conclusion of each engagement, the Department publishes a report with recommended corrective actions to appropriate management officials.
Audit Report and Workpaper Confidentiality
§ 143-748. Confidentiality of internal audit work papers.
Internal audit workpapers are confidential except as otherwise provided in this section or upon subpoena issued by a duly authorized court. A published internal audit report is a public record as defined in G.S. 132-1 to the extent it does not include information which is confidential under State or federal law, or would compromise the security of a State agency. Internal Audit shall maintain for ten years a complete file of all audit reports and reports of other examinations, investigations, surveys, and reviews conducted under Internal Audit's authority. Audit workpapers, and other evidence and related supportive material directly pertaining to the work of the Internal Audit Department, shall be retained in accordance with Chapter 132 of the General Statutes. Unless otherwise prohibited by law and to promote intergovernmental cooperation and avoid unnecessary duplication of audit effort, audit workpapers related to released audit reports shall be made available for inspection by duly authorized representatives of the State and federal government in connection with some matter officially before them. (2013-406, s. 1.)