The Compliance and Internal Auditing Office shall perform its duties as an autonomous office directly connected to the Board of Trustees and supervised administratively by the Chancellor.
a. The Compliance and Internal Auditing Office shall perform its duties as an autonomous office directly connected to the Board of Trustees and supervised administratively by the Chancellor.
b. The primary functions of the Compliance and Internal Auditing Office are to:
1 Assist the Board of Trustees in fulfilling its mandate related to the integrity of University financial statements, systems of internal control, performance of internal auditing, compliance and governance.
2 Establish a system to ensure compliance with policies, plans, procedures, laws and regulations, which could have a significant impact on the University.
3 Ensure the existence of adequate controls to safeguard assets and verify their existence.
4 Develop annual internal auditing plans, apply compliance measures and prioritize internal auditing plans based upon risk analysis that takes into consideration the immediate and long-term goals and objectives of the University.
5 Determine and follow up on points of weakness and findings and recommendations from internal auditing and compliance reviews.
6 Work closely with the Department of Human Resources as necessary to address issues of noncompliance and violations of laws, regulations and policies.
7 Provide updates on internal auditing to the Board when appropriate.