Internal Audit Office

Purpose

Internal Audit is an internal appraisal activity established within Jackson College to examine, monitor and evaluate College management systems. College administration has the primary responsibility for establishing and maintaining a sufficient system of internal controls.  Internal Audit assists College administration in the effective discharge of its responsibilities by furnishing evaluations of departmental activities, recommendations for improvements in systems and procedures, and other information designed to promote effective controls.


Authorization

In the course of its work, Internal Audit has full and complete direct access to all College books, records (manual and electronic), physical properties, and personnel relevant to the subject of review.  All documents and information given to Internal Audit during their work will be handled in the same prudent manner that the College expects of the employees normally accountable for them.

The Internal Audit Office has neither direct responsibility for, nor authority over, any of the activities, functions, or tasks it reviews.  Accordingly, Internal Audit does not develop or write policies or procedures that they may later be called upon to evaluate.  They may review draft materials, developed by management, for propriety and/or completeness.  However, ownership of, and responsibility for, these materials remains with management, not Internal Audit.


Responsibilities

Meaningful internal auditing requires cooperation among the Internal Audit Office, Administration, and the auditee.  Each party’s responsibilities in this regard include but are not limited to the following:

Internal Audit Office

  • Examine and evaluate the controls, policies and procedures, and systems in place to safeguard College assets.
  • Evaluate the reliability and integrity of information, and the efficient and effective use of resources.
  • Review compliance with policies, procedures, laws and regulations.
  • Report results and make recommendations to administration and the Audit Committee of the Board of Trustees.

Administration

  • Support the Internal Audit Office and communicate this support within their units.
  • Participate in the audit process.
  • Provide appropriate, clear and consistent direction to the College community through written policies and procedures.
  • Follow-up on progress of corrective actions for audit findings within their units.

Auditee

  • Cooperate with the audit process by providing unrestricted access to facilities, books and records, information, and personnel.
  • Respond in writing, within 30 days, to all audit recommendations.  Disagreements with recommendations or alternative solutions to identified findings are often acceptable.  Each response should contain an estimated implementation date and responsible party.
  • Implement agreed-upon corrective action programs.

Reporting

All audit work is summarized in timely written reports distributed to an appropriate list of recipients.  In general, the President, the Vice President responsible for the auditee department, as well as the auditee, their immediate supervisor, and other department heads affected by audit findings shall receive reports as appropriate.  Special request reports may have a more limited distribution.

A summary of all work performed during the current fiscal year will be prepared and presented to the Board of Trustees via the annual finance board monitoring report.


Audit Standards and Ethics

The responsibility of Internal Audit is to serve the College in a manner that is consistent with the highest ethical standards established by the College. The department is expected to consistently demonstrate high standards of conduct and ethics as well as appropriate judgment, independence, and discretion.  Members maintain a professional image and protect auditee confidences and confidential information.  At a minimum, the College Auditor shall comply with relevant professional standards, in particular the Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors, Inc. (IIA), and with the IIA’s Code of Ethics of the Institute of Internal Auditors, Inc.