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Louisiana Tech University


Internal Audit

Charter

This charter sets forth the purpose, authority, and responsibility of the internal audit activity at Louisiana Tech University.  The charter establishes the internal audit activity’s position within the University; authorizes access to records, personnel, and physical properties relevant to the performance of engagements; and defines the scope of internal audit activities.

MISSION AND SCOPE OF WORK

The mission of the internal audit activity is to provide independent, objective assurance and consulting services designed to add value and improve the University’s operations. It helps the University accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. The internal audit activity is guided by a value-driven philosophy of partnering with other departmental units to continuously improve the operations of the University.

The scope of work of the internal audit activity is to determine whether the University’s network of risk management, control, and governance processes, as designed and represented by management, is adequate and functioning in a manner to ensure:

Opportunities for improving management control, profitability, and the University’s image may be identified during audits. They will be communicated to the appropriate level of management.

RESPONSIBILITY

The University’s Director of Internal Audit (Director) and staff of the internal audit activity have responsibility to:

OBJECTIVES

The University’s internal audit activity will include the following general objectives:

AUTHORITY

The Director and staff of the internal audit activity are authorized to:

The Director and staff of the internal audit activity are not authorized to:

INDEPENDENCE AND OBJECTIVITY

To provide for the independence of the internal audit activity, its personnel report to the University’s Director of Internal Audit, who reports functionally to the Board of Supervisors through the System Director of Internal and External Audit and administratively to the President of the University.  In performing their work, the Director and other internal audit staff members have no direct authority over, nor responsibility for, any of the activities reviewed.  Internal auditors will not develop and install procedures, prepare or approve records, make management decisions, or engage in any other activity, which could be construed to compromise their independence.  Therefore, internal audit engagements do not in any way substitute for nor relieve other persons in the University of the responsibilities assigned to them.  Staff of the internal audit activity shall be objective and maintain an independent mental attitude in performing engagements.

ACCOUNTABILITY

The Director in the discharge of his/her duties shall be accountable to the President to:

STANDARDS OF AUDIT PRACTICE

The internal auditing staff shall conduct audits and reviews according to generally accepted auditing standards using such audit programs, techniques, and procedures as are considered necessary under the circumstances.  The operation of the internal audit function is to be carried out consistent with the Code of Ethics as defined by the Institute of Internal Auditors (IIA).  Standards for the performance of the audit function are developed from the International Standards for the Professional Practice of Internal Auditing (Standards) of the Institute of Internal Auditors.


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