Internal Audit

The mission of Internal Audit is to provide independent, objective assurance and consulting services designed to add value and improve the University's operations.

Accountability

Internal Audit is accountable to the Audit & Compliance Committee to:

  • Provide annually an assessment on the adequacy and effectiveness of the organization's processes for controlling its activities and managing its risks in the areas set forth under the mission and scope of work
  • Report significant issues related to the processes for controlling the activities of the organization and its affiliates, including potential improvements to those processes, and provide information concerning such issues through resolution
  • Provide information periodically on the status and results of the annual audit plan and the sufficiency of department resources
  • Coordinate with and provide oversight of other control and monitoring functions (risk management, compliance, URPD, legal, ethics, environmental, external audit) as needed

Independence

To provide organizational independence, Internal Audit reports administratively to the Vice President for Business and Finance and functionally to the Board and the Chair of the Audit Committee (now Audit & Compliance Committee) in a manner outlined in the above section on accountability.

Responsibility

Internal Audit is responsible to:

  • Review the effectiveness and efficiency of the use of University Resources
  • Review the timeliness, reliability, and integrity of financial and operating records and reports
  • Verify the existence of University assets and determine the extent to which they are accounted for and safeguarded
  • Confirm compliance with University policies and procedures, and with state and federal laws and regulations
  • Make appropriate, constructive, and timely recommendations to management when information gathered during audits indicate that improvements could be made in internal controls, compliance, and other areas
  • Evaluate the system of internal controls
  • Evaluate the accuracy, effectiveness, and efficiency of the University's electronic information and processing systems
  • Investigate suspected occurrences of fraud, embezzlement, theft, waste, etc. and recommend controls to prevent and detect such occurrences
  • Coordinate audit efforts with, and provide assistance to, the University's external auditors

Authority

Internal Audit is authorized to:

  • Have unrestricted access to all functions, records, property and personnel.
  • Have full and free access to the Audit Committee (now Audit and Compliance Committee).
  • Allocate resources, set frequencies, select subjects, determine scopes of work, and apply the techniques required to accomplish audit objectives.
  • Obtain the necessary assistance of personnel in units of the organization where they perform audits, as well as other specialized services from within or outside the organization.

Internal Audit is not authorized to:

  • Perform any operational duties for the organization or its affiliates.
  • Initiate or approve accounting transactions external to the Office of Internal Audit.
  • Direct the activities of any organization employee not employed by the Office of Internal Audit, except to the extent such employees have been appropriately assigned to auditing teams or to otherwise assist the internal auditors.

Professional Standards and Ethics

Internal Audit is guided by The International Standards for the Professional Practice of Internal Auditing and related practice advisories as set forth by the Institute of Internal Auditor (IIA); the Association of College and University Auditors (ACUA); the Information Security Audit and Control Association (ISACA); and the Association of Certified Fraud Examiners (ACFE).

View the signed Internal Audit Charter

The Audit and Compliance Committee approved the FY2014 Internal Audit Plan on April 25, 2013.

View overview of the five-year Internal Audit Plan.


Contact Us

Janet M. Sommerville, MBA, CPA, CIA
Manager, Internal Audit
(804) 289-8099

Kai Phillip Sommer, CPA
Staff Auditor
(804) 287-1233

114 Puryear Hall
Fax: (804) 287-1882

Mailing address:
28 Westhampton Way
University of Richmond, VA 23173