Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

REGENTS’ POLICY MANUALSECTION 3—GENERAL POLICIESThe Internal Audit Director at the University is authorized by the Board of Regents to direct a broad,comprehensive program of internal auditing throughout the University. The University Internal AuditDepartment will evaluate the adequacy of the internal control structure. In order to accomplish theseobjectives, the Internal Audit Director and the Internal Audit staff are authorized by the President and theBoard of Regents to have full, free, and unrestricted access to all University functions, records, property,and personnel. In the event any officer, agent, or employee of the University shall fail to cooperate fullywith the Internal Audit Director or shall otherwise hinder or prevent or attempt to hinder or prevent anyaudit, the Internal Audit Director shall immediately and simultaneously report the same to the Presidentand to the Board of Regents’ Finance and Audit Committee.The position of Internal Audit Director is a staff position without authority or direct control overthose units being reviewed. In this connection, the University Internal Audit staff will not installprocedures, originate or approve entries, or otherwise engage in any activity that they will subsequentlybe expected to review or appraise.The Internal Audit Director is responsible to the Board of Regents and the Presidents of theUniversities for all of the internal auditing efforts throughout the Universities. This includes those effortson the Norman Campus, the Health Sciences Center Campus, and the Norman Campus and HealthSciences Center Campus functions in Tulsa, Cameron University and Rogers State University and at anyother locations for which the Board of Regents has responsibility. With the advice of the Presidents, theInternal Audit Director shall be appointed and terminated by the Board of Regents and the President.RESPONSIBILITIESThe Internal Audit Department shall execute a comprehensive program to ensure all activities of theUniversity are reviewed at appropriate intervals, as determined by the Internal Audit Director and theBoard of Regents’ Finance and Audit Committee. An annual audit plan shall be prepared and submittedto the Board of Regents each year for review and approval.The Internal Audit Department shall review and evaluate systems of control and the quality ofongoing operations, recommend action to correct any deficiencies, and follow up on management’sresponse to assure that corrective action is taken on a timely basis. Annually, the Internal Audit Directorshall report on the adequacy of the internal control structure for the University.The Internal Audit Department shall appraise the quality of management performance in terms ofcompliance with policies, plan, procedures, laws, and regulations.The Internal Audit Department shall identify operational opportunities for improvement inperformance by appraising functional effectiveness against industry standards and sound businesspractices.University employees have a duty to report instances of suspected fraud to the Internal AuditDepartment. The Internal Audit Department will coordinate internal investigations of suspected fraudwith the appropriate University officials (e.g., Office of Legal Counsel, Campus Police, Universityofficers, the Compliance Office, and/or departmental personnel).The Internal Audit Department shall conduct special reviews and consulting services as directed bythe Presidents and Board of Regents. Special reviews and consulting services requested by departmentalmanagement may be performed at the discretion of the Internal Audit Director. Care should be taken asto retain independence and avoid conflicts of interest when performing consulting services. Consultingservices include, but are not limited to, assistance in the implementation of new computer systems and theTHE UNIVERSITY OF OKLAHOMA 218