The Office of University Audit is established as an independent appraisal function to examine and evaluate the business, financial, and administrative operations of the University as a service to management. It is a managerial control which functions by measuring and evaluating the effectiveness of other controls.
The objective of the Office of University Audit is to assist all members of the University in the effective discharge of their responsibilities by furnishing then with analyses, appraisals, recommendations and pertinent comments concerning the activities reviewed. The Office of University Audit is concerned with any phase of any activity in which it may be of service to management. This involves going beyond the accounting and financial records to obtain a full understanding of the operations under review. The attainment of this overall objective involves such activities as:
The responsibilities of the Office of University Audit are:
The Office of University Audit is provided with authority for full access to all of the University's records, properties, and personnel relevant to the subject under review. The Office of University Audit is free to review and appraise policies, plans, procedures, and records.
In performing its functions, the Office of University Audit has no direct responsibility for, nor authority over any of the activities which are reviewed. Therefore, the internal audit review and appraisal does not in any way relieve other persons in the University of the responsibilities assigned to them.
The Director of the Office of University Audit reports to the Senior Vice President for Administration and Finance and Chief Financial Officer, with direct access to the President and to the Audit Committee of the Board of Trustees.
In order to maintain objectivity, the Office of University Audit will not undertake to develop and install procedures, prepare records, or engage in any other activity which it would normally review and appraise, and which could reasonably be construed to compromise its independence. However, objectivity need not be adversely affected by University Audit's determination and recommendation of the standards of control to be applied in the development of systems and procedures under review.
Adopted By The Audit Committee
Of The Board Of Trustees,
Of The University Of Rochester,
January 25, 1984.