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MISSION AND SCOPE OF WORK

The mission of the Office of Internal Audits is to provide independent, objective assurance and consulting services designed to add value and improve the organization’s operations. It helps Texas Woman’s University accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

The scope of work of the Office of Internal Audits is to determine whether the organization’s network of risk management, control, and governance processes, as designed and represented by management, is adequate and functioning in a manner to ensure:

  • Risks are appropriately identified and managed.
  • Financial, managerial, and operating information is accurate, reliable, and timely.
  • Employees’ actions are in compliance with policies, standards, procedures, and applicable laws and regulations.
  • Resources are acquired economically, used efficiently, and protected adequately.
  • Programs, plans, and objectives are achieved.
  • Quality and continuous improvement are fostered in Texas Woman’s University’s control processes.

Opportunities for improving management control, increased revenues, decreased expenditures, and Texas Woman’s University’s image may be identified during audits.  These will be communicated to the appropriate level of management.

ACCOUNTABILITY

The Director of Internal Audits, in the discharge of his duties, shall be administratively accountable to the Chancellor and President and functionally accountable to the Texas Woman’s University Board of Regents to:

  • Provide reports 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 issues related to the processes for controlling the activities of Texas Woman’s University, including potential improvements to those processes, and provide information needed to resolve such issues.
  • Periodically provide information on the status and results of the annual audit plan and the sufficiency of Office of Internal Audits resources.
  • Coordinate with the State Auditor’s Office and other external audit entities as necessary.

INDEPENDENCE

The Director of Internal Audits shall be appointed by the Texas Woman’s University Board of Regents.  The Director of Internal Audits shall report administratively to the Chancellor and President and functionally to the Texas Woman’s University Board of Regents in a manner outlined in the above section on Accountability.  All Office of Internal Audits personnel shall report directly to the Director of Internal Audits.

The Texas Internal Auditing Act requires that the Director be free of all operational and management responsibilities that would impair the auditor's ability to review independently all aspects of Texas Woman’s University's operations.  This also extends to all Office of Internal Audits personnel.

The Director of Internal Audits is defined as the Chief Audit Executive of Texas Woman’s University (per the International Standards for the Professional Practice of Internal Auditing).

RESPONSIBILITY

The Office of Internal Audits has the responsibility to:

  • Ensure compliance with the Texas Internal Auditing Act.
  • Develop a flexible annual audit plan using appropriate risk-based methodology, including any risks or control concerns identified by senior management, and submit that plan to the Texas Woman’s University Board of Regents for review and approval.
  • Execute the annual audit plan as approved.
  • Communicate the results of audits timely and to the appropriate individuals.
  • Maintain a professional audit staff with sufficient knowledge, skills, experience, and professional certifications to meet the requirements of this charter and the Texas Internal Auditing Act.
  • Provide consulting services as appropriate.  The Texas Internal Auditing Act defines consulting services as “advisory and related client service activities, the nature and scope of which are agreed upon with the client and are intended to add value and improve an organization's operations.”
  • Evaluate and assess significant new or changing services, processes, operations, and control processes coincident with their development, implementation, and/or expansion, as appropriate.
  • Issue periodic reports to the Texas Woman’s University Board of Regents and senior management summarizing results of audit activities.
  • Inform the Texas Woman’s University Board of Regents of emerging trends and successful practices in internal auditing, as considered necessary.
  • Assist in the investigation of suspected fraudulent activities within Texas Woman’s University and notify senior management and the Texas Woman’s University Board of Regents of the results.
  • Consider the scope of work of external auditors and regulators, as appropriate, for the purpose of providing optimal audit coverage to Texas Woman’s University.
  • File audit reports and related responses with the Office of the Governor, the State Auditor's Office, the Sunset Advisory Commission, and the Legislative Budget Board.
  • Ensure that an appropriate internal quality assurance system is in place and take part in a comprehensive external quality assurance review every three years by a reviewer or reviewers independent of the Office of Internal Audits.

AUTHORITY

The Director of Internal Audits and staff of the Office of Internal Audits are authorized to:

  • Have full and unrestricted access to all functions, records, property, information systems, and personnel of Texas Woman’s University.
  • Have full and unrestricted access to the Chancellor and President, and the Texas Woman’s University Board of Regents.
  • 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 of Texas Woman’s University where they perform audits, as well as other specialized services from within or outside Texas Woman’s University.

The Director of Internal Audits and staff of the Office of Internal Audits are not authorized to:

  • Perform any operational duties external to the Office of Internal Audits.
  • Initiate or approve accounting transactions external to the Office of Internal Audits.
  • Direct the activities of any Texas Woman’s University employee not employed by the Office of Internal Audits, except to the extent such employees have been appropriately assigned to assist the internal auditors.
  • Participate in any activity that the Office of Internal Audits would normally be expected to audit.

STANDARDS OF AUDIT PRACTICE

As required by the Texas Internal Auditing Act, the Office of Internal Audits will utilize The Institute of Internal Auditors International Standards for the Professional Practice of Internal Auditing, The Institute of Internal Auditors Code of Ethics, and generally accepted government auditing standards as guidance for audit practices.

Approved by the Texas Woman’s University Board of Regents
2/22/2013

page last updated 3/11/2014 9:26 AM