The Carnegie Mellon Internal Audit (IA) department’s primary goals and responsibilities include helping the University accomplish its objectives, and improving operations, risk management, internal controls, and governance processes at the institution. This is generally accomplished by providing planned and requested audits and reviews, as well as assisting in the education of staff and faculty, as it relates to operations, business processes and controls.
IA engages in three primary activities – audits, advisory services, and investigations. Our focus is to proactively work with campus schools and colleges assisting management to address financial, operational, and compliance risks and areas of exposures. Rather than duplicate the financial and compliance auditing performed by the DCAA or the University’s external auditors, IA concentrates on school and departmental control systems and processes and performs deep dives of various functional areas. In this way, audit resources are maximized, creating synergies between the internal and external audit functions and reducing any duplication of efforts.
The Internal Audit (IA) group is an independent assurance activity serving the Carnegie Mellon community. Our ongoing reviews, based on a comprehensive audit plan, provide management with an evaluation of operating and financial systems and their related internal controls. This plan addresses not only financial systems, but also systems in non-financial areas established to ensure compliance with rules of external agencies and organizations.
The IA function is managed under the direction of the Senior Director of University Audit Services, who works with various stakeholders to develop and update the IA plan that will be presented and approved by the Audit Committee of the Board of Trustees. In order to develop the IA plan, the Senior Director will:
- Meet with members of senior management to discuss key concerns
- Re-visit results of University-wide assessments of risk
- Consider changing environment and identified issues that could affect the University
- Integrates planning with external auditors
- Incorporates feedback and recommendations from the Audit Committee
For the 2010 Audit Plan Year, which begins October 1, 2009, it is anticipated that a portion of the IA services will be provided by in-house resources, which will then be supplemented by external, specialized resources.
It should be noted that IA has a dual reporting relationship. IA reports both to University management via the Chief Financial Officer and to the Audit Committee of the Board of Trustees.