The Function of Internal Auditing
The Office of Internal Audit conducts independent and objective reviews of university operations and procedures and reports findings and recommendations to the University President, and the Budget, Finance and Audit Committee and ultimately the Board of Trustees of the Mississippi Institutions of Higher Learning (IHL) through the Board’s system Chief Audit Executive.
In order to accomplish our objectives, we must perform the following on a continual basis:
- Review organizational units within the University to determine whether they are performing their functions efficiently and effectively in compliance with management's guidelines, policies, and procedures, and in a manner that is consistent with University objectives and standards.
- Determine the adequacy and effectiveness of the University's accounting and operating controls.
- Review operating systems to ensure compliance with those policies, plans, procedures, laws, and regulations that have a significant impact on operations. Policy measures and improvements will be recommended as needed.
- Verify the existence of the University's assets, and monitor procedures for safeguarding those assets.
- Appraise the efficiency with which resources are employed, and identify opportunities to improve operating performance.
- Coordinate audit efforts with those of external CPA firms, IHL, and the State Auditor's Office.
- Ensure that adequate controls are incorporated in the operation of Banner as well as other computer-based systems.
- Investigate reported occurrence of fraud, embezzlement, theft, waste, etc., and recommend controls to prevent or detect such occurrences.
In carrying out their duties and responsibilities, the Office of Internal Audit will have full, free, and unrestricted access to all University activities, records, property, and personnel. This authority is granted by the Mississippi Internal Audit Act found at: Miss. Code Ann. (§§ 25-65-1
— 25-65-33) and the IHL: http://www.mississippi.edu/audit/downloads/ihl_audit_charter.pdf