Ohio Administrative Code › Title 3364 - University of Toledo › Chapter 3364-40 - Fees and Reimbursements › Section 3364-40-20 - Policy for dissemination of an internal audit report

Current through all regulations passed and filed through July 1, 2024
(A)
								Policy statement
All reports prepared by the university
				of Toledo (UT) internal audit department will be discussed with appropriate
				local and senior management, prior to final release. This policy covers all
				reports issued by the department, under the oversight of the internal
				audit.
(B)
								Procedures
(1)
									The internal audit department policy manual provides
			 specific guidance pertaining to its approach to reporting the results of
			 internal audits.
(2)
									The university president and the executive vice
			 president, finance and administration will be copied on all internal audit
			 reports. Further, the university president and the executive vice president,
			 finance and administration will be provided an opportunity to review all draft
			 reports for the highest-risk/problematic audit areas before they are issued in
			 final form.
(3)
									Internal audit will use charts and graphics in its
			 reports where appropriate.
(4)
									The executive
			 leader in charge of the unit audited will be provided the opportunity to attend
			 closeout meetings with the process owner.
(5)
									The process owner
			 (vice president or dean) is responsible for providing management responses to
			 all recommendations made in an internal audit report, and will be given ten
			 business days to provide these responses.
(6)
									Upon receipt of
			 the responses, the executive leader in charge of the area audited will then be
			 provided an opportunity to review the report draft (including management
			 responses) and will be asked to provide feedback in five business
			 days.
(7)
									Should management responses not be received by the
			 process owner or the executive leader in charge of the area audited within this
			 fifteen-business-day period, internal audit reserves the right to issue the
			 report in final form without management responses.
(8)
									To ensure the
			 integrity of the report distribution process, all final reports will be signed
			 and issued by the executive director of internal audit and chief compliance
			 officer (executive director), or his designee.
(9)
									To further ensure
			 the integrity of the audit reporting process, the executive director reserves
			 the right to distribute certain high-impact audit reports to the finance and
			 audit committee of the board of trustees. The executive director will consult
			 with the university president and the executive vice president, finance and
			 administration, prior to doing so.
(10)
									Executive
			 leadership and the members of the finance and audit committee will receive a
			 quarterly summary report from internal audit and compliance that will include
			 the results of internal audits completed that quarter.
(11)
									The executive
			 director will work with legal sffairs and adhere to their report dissemination
			 requests for those audit projects to be conducted under attorney-client
			 privilege.