University of Vermont



AUDIT CHARTER

Office of Audit Services Mission (Purpose)
The Office of Audit Services is an independent and objective assurance and consulting activity within the University of Vermont (UVM) that provides the Board of Trustees and management with observations, recommendations and advice designed to add value and improve the effectiveness of the University's risk management, control, and governance processes.

Internal Audit Function
The chief internal auditor is specifically authorized and directed to:
  • Provide a program of financial, operational, information systems, compliance, and investigative audits (i.e., stemming from fraud or dishonest conduct);
  • Have unlimited and unrestricted access to all UVM entities, subsidiaries and related organizations and any associated data, files, records, property, and personnel;
  • Allocate resources, set frequencies, select subjects, determine scopes of work, and apply the techniques required to accomplish the audit objectives;
  • Obtain the necessary assistance of personnel in units of UVM where they perform audits, as well as other specialized services from within or outside UVM;
  • Coordinate all audit activity at UVM to assure an efficient audit coverage that remains responsive to the University's needs.
The chief internal auditor is not authorized to:
  • Perform any operational duties for UVM;
  • Initiate or approve any accounting transactions external to internal audit;
  • Direct activities of any UVM employee not employed by internal audit, except to the extent such employees have been appropriately assigned to auditing teams or to otherwise assist the chief internal auditor.
Internal Audit Operations The chief internal auditor is responsible for:
  • Maintaining a professional audit staff with sufficient knowledge, skills, and experience, and professional certifications to meet the requirements of this charter;
  • Developing an annual risk-based audit plan that incorporates collaboration and consultation with the Board of Trustees, UVM's independent auditors, and management;
  • Proposing an annual audit budget that is adequate to perform the scope of his or her responsibilities and to accomplish the annual risk-based audit plan.
Audit Committee Function
The chief internal auditor reports to and is supervised by the Audit Committee of the Board of Trustees. The Audit Committee has full authority and oversight of the internal audit function including appointment decisions, performance evaluations, salary setting and employment termination of the chief internal auditor. The Audit Committee has delegated to the President administrative oversight regarding certain specific operational activities of the internal audit function.

Reporting
The Office communicates to management or operating personnel in the form of written reports, consultation, or advice. Written reports include observations, recommendations for improvement, and management's action plans to manage identified risks and to ensure that objectives are achieved. The Office also monitors, evaluates, and verifies (if appropriate) management's responses to audit observations and recommendations. Audit Services reports regularly on the status and results of the annual audit plan and sufficiency of office resources to the Audit Committee.

Professional Standards and Ethics
The chief internal auditor and staff will meet or exceed the International Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors.

Last modified August 13 2012 02:22 PM

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