Welcome
to the Office
of Audit and Control
Charter
This
Charter establishes and defines the purpose, independence, authority,
accountability and standards of the Office of Audit and Control.
Purpose
The
Office of Audit and Control is established within Lincoln University
to provide independent, objective assurance and internal consulting
services to management, administrators and the Board of Trustees of
the University. The Office is a service organization whose purpose
is to assist members of the University in the effective and efficient
discharge of their responsibilities by bringing a systematic disciplined
approach to evaluate and improve the effectiveness of risk management,
internal control and governance processes.
Independence
To
provide for the independence of the Office of Audit and Control, its
personnel shall report to the Internal Auditor, who reports functionally
and administratively to the President of the University with a dotted
line reporting relationship to the Chair of the Audit Committee of
the Board of Trustees. In performing its functions, the Office of
Audit and Control shall have neither direct responsibility for, nor
authority over, any of the accounts or activities that it reviews.
The audit review and appraisal process does not, therefore, relieve
other persons in the University of the responsibilities assigned to
them. Management is responsible for making appropriate decisions consistent
with the University policies, procedures, mission, goals, vision and
good business judgment.
Authority
The
Internal Auditor and the staff of the Office of Audit and Control
shall have unrestricted authorization to: - Inspect all properties,
functions, records, files, accounts and all other forms of information
held by the University or its agents. - Require all offices of the
University to supply such information, assistance and explanations
as are necessary for the performance of audit duties. - Have full
and free access to the Audit Committee of the Board of Trustees. The
Internal Auditor and the staff of the Office of Audit and Control
are not authorized to: - Perform any operational duties for the University
or its affiliates. - Initiate or approve accounting transactions external
to the Office of Audit and Control. - Direct the activities of any
University employee except those assigned to the Office of Audit and
Control.
Accountability
The
Office of Audit and Control, in the discharge of its duties, shall
be accountable to the President and the Board of Trustees (through
the Audit Committee) to: - Provide annually an assessment on the adequacy
and effectiveness of the University's processes of controlling and
managing its risks including systems for safeguarding assets and compliance
with policies, procedures, regulations, and statutory requirements.
- Report significant issues related to the processes for controlling
the activities of the University, including potential improvements
to those processes, and provide information concerning such issues
through resolution. - Periodically provide information on the status
and results of the audit plan, including copies of all audit reports
and reviews the office issues and the sufficiency of department resources.
- Coordinate and liaison with other control and monitoring functions
as appropriate (i.e., external auditors, risk management, compliance,
security, legal, ethics, environmental). - Report immediately to the
Chair of the Board of Trustees and the Chair of the Audit Committee
all fraudulent activities discovered and all other matters of concern
of $5,000 and above. - Maintain confidentiality of records, files,
accounts and other information and data to which it is provided access.
Standards
of Audit Practice
The Office of Audit and Control will meet or exceed the Standards
for the Professional Practice of Internal Auditing of The Institute
of Internal Auditors and the Association of College and University
Auditors.
