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The mission of Internal Audit at Touro College (“Touro”) is to provide independent and objective assurance and consulting services designed to add value in improving the Touro’s operations. It helps Touro accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.
As part of the mission, Internal Audit department is to contribute to the ongoing effectiveness of the firm’s internal controls by:
The Internal Audit function must maintain its independence in order to be effective. Independence permits Internal Audit to carry out their work freely and objectively, in order for Internal Audit to render the impartial and unbiased judgments essential to the proper conduct of audits.
The Internal Auditor and the Internal Audit personnel report to the Audit Committee and the President. Internal Auditors have no direct responsibility or authority over any operating activities reviewed and should not relieve others of their responsibilities. Management and the board of trustees are responsible for the operations of the organization.
The Internal Auditor and any other audit staff should sign an annual conflict of interest statement to allow the disclosure of any situation that may impair their objectivity.
The Internal Auditor has unrestricted access to the Audit Committee of the Board of Trustees.
It is essential that the Internal Auditor maintain confidentiality regarding audit matters and information arising from audit tasks.
The Internal Auditor and any other designated staff, with coordination with the President, are authorized to:
The Internal Auditor and any designated staff are not authorized to:
Internal Audit is an independent appraisal activity assisting management by providing findings and recommendations on the operations and the controls established within the organization. It is an independent reviewer working for and with management to accomplish the objectives of the organization.
The Internal Audit function is accountable for reviewing activities in the organization and reporting its findings, conclusions, and recommendations to the audited parties, senior management and the Audit Committee. In doing so, it assists the organization in reaching its goals by determining that internal and operational controls exist and are functioning to ensure, as far as is practical, the orderly and efficient conduct of its business. In addition, Internal Audit helps ensure the safeguarding of assets, the reliability of accounting records and the timely preparation of reliable financial information.
The management of Touro College is responsible for establishing and maintaining internal controls including controls to discourage perpetuation of fraud. Internal Audit is responsible for examining and evaluating the adequacy and effectiveness of those controls. Audit procedures alone are not designed to guarantee the detection of fraud.
The Internal Auditor and any other staff of the Internal Audit function have responsibility to:
STANDARDS OF AUDIT PRACTICE
The Internal Audit department adheres to the Institute of Internal Auditors’ (IIA) Standards for the Professional Practice of Internal Auditing. In addition, the department obtains guidance from the generally accepted authoritative auditing standards of other professional auditing organizations, such as:
The Internal Auditor is the officer responsible for regular review of the Internal Audit Charter.
Amendment of this Charter is subject to the approval of the Audit Committee and Executive Management.
i. The forgoing was proposed to the Audit Committee on the 24 of April 2014.
ii. The forgoing was adopted by the Internal Audit Department on the 24 of April 2014.