Charter

Updated November 10^th, 2009

Mission

Internal Audit’s role is to be an independent, objective, assurance and consulting function that adds value and improves operations at the University of Windsor.  It helps the University achieve objectives by systematically evaluating and improving risk management, control, governance, and the implementation of best practices. 

Internal Audit shall adhere to the Standards for the Professional Practice of Internal Auditing and the Code of Ethics adopted by The Institute of Internal Auditors. 

Independence

To provide independence, the Internal Audit department reports directly to the Chair of the Audit Committee of the Board of Governors and the President for matters of policy, purpose, responsibility and authority.  The Internal Auditor reports administratively to the Vice President, Administration & Finance.

Authority

The Internal Audit department should have free and unrestricted access to all University records (manual and electronic), physical properties and personnel.

Scope of Activities

 Internal Audit will perform the following specific activities: 

1. Annual audit plan

The Internal Auditor using a risk-based approach selects the audit areas based on amount of resources available.  Advice and approval is ultimately required from the Audit Committee of the Board of Governors and the President.  Any significant changes to the audit plan will be brought to the attention of the Chair of the Audit Committee and the President. 

2. Audits

Specific audits are selected from the approved annual plan schedule.  The areas that are deemed to have the highest level of risk will receive priority.  The audit engagement will be broken down into four (4) distinct phases: Planning, Fieldwork, Reporting and Follow-up. 

3. Special Requests

The objective of special requests is to provide value-added consultative advice to University Administration in regards to designing, implementing and enhancing internal controls.  In addition, specific audit reviews may be undertaken based on specific concerns raised by Administration in certain areas. 

4. External Auditor Assistance

Based on the current year’s requirements, Internal Audit will assist KPMG in completing the year’s audit of the University and other submissions and reporting requirements for the Ministry of Education and Training or other agencies.

5. Administration:

1. Professional Development

On an ongoing basis, a small portion of the year’s audit schedule will be dedicated to professional development.  The ultimate goal of this function is to stay abreast of the current standards, emerging issues and best practices related to the field of internal auditing in a university environment. 

2. Training

Internal or external training may be sought in order to ensure competence in areas related to the University’s systems, polices and processes.  

6. Reporting to the Audit Committee and the President

Internal Audit activities will be reported in a format as desired by the Committee members and the President.  At a minimum, Internal Audit will provide written audit reports, progress updates, follow-up reports, and summary reports to the members of the committee and the President.