In line with the auditor's recommendation, we would like to propose that a policy be adopted that any university organization in the agency account that has been inactive for two consecutive fiscal years be closed out and the balance transferred into the Grants and Aids account for student scholarships. The Internal Auditor is directed by the Board of Regents to develop a comprehensive internal auditing program for evaluating the financial and operational systems and procedures of all institutional activities throughout all institutional locations.
Independence is essential to the internal audit function.
The Internal Auditor shall have full, free and unrestricted access to all appropriate university activities, records, property, and personnel when performing position requirements. The Internal Auditor has no direct responsibility for, nor authority over, any of the activities subject to review. Requested audit reviews will be scheduled, based on the need and approval from the Audit Committee. Ongoing internal audits will be scheduled on a regular basis at the direction of the Internal Auditor. Maintain a schedule for the timely execution of all audit assignments and activities.