Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps Fort Valley State University accomplish its objective by bringing a systematic, disciplined approach to evaluate risk and improve the effectiveness of governance, risk management, compliance and internal control processes.
The overall mission of the Office of Auditing & Management Services at Fort Valley State University is to review the reliability and integrity of information, compliance with policies and regulations, and the processes for safeguarding of assets, as well as to make suggestions for improvements in operating efficiencies and internal controls. In accomplishing its mission, the scope of Internal Audit includes:
- Reviewing the reliability and integrity of financial and operating information and the means used to identify measure, classify and report such information.
- Determining whether the systems established ensure compliance with those policies, plans, procedures and reports and whether the organization is in compliance.
- Reviewing the means of safeguarding assets and, as appropriate, verifying the existence of such assets.
- Reviewing operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.
- Consulting and educating on financial and operational processes, controls, related risks, and exposures. In addition, providing guidance and advice on control and risk aspects of new policies, systems, processes, and procedures.
- Reviewing specific operations at the request of the University President or Chief Audit Officer and Associate Vice Chancellor from Board of Regents, as appropriate.
- Reviewing the quality of performance of external auditors and the degree of coordination with internal audit.
- Investigating fraud and other types of fiscal misconduct.
The Internal Audit Department shall adhere to The Institute of Internal Auditors’ “Code of Ethics”. The Institute’s “International Standards for the Professional Practice of Internal Auditing” (Standards) shall constitute the operating procedures for the department. The Institute of Internal Auditors’ “Practice Advisories” will be adhered to as applicable. In addition, the department will adhere to Fort Valley State University’s policies and procedures as well as those of the Board of Regents of the University System of Georgia.
The Internal Auditor has a dual reporting role as stated in the Board of Regents Policy 710.02. The Internal Audit Department reports to the President of Fort Valley State University and the Chief Audit Officer and Associate Vice Chancellor at the Board of Regents. The President of Fort Valley State University may request advisory services projects at his or her discretion. The requests are reviewed, prioritized, and completed based on available resources. The Chief Audit Officer and Associate Vice Chancellor have the authority to direct Fort Valley State University Internal Auditor to audit specific areas at the University as needed to fulfill the system-wide audit plan. The dual reporting role provides assurances that both a broad range of audit coverage and adequate consideration of and effective action on the audit issues and recommendations will be accomplished.
To the extent permitted by law, authority is granted for full, free, and unrestricted access to any and all Fort Valley State University records, physical properties, and personnel relevant to any function under review. All employees are directed to assist the Internal Audit Department in fulfilling its function. Documents and information given to the Internal Auditor during a review will be handled in the same prudent and confidential manner as by those employees normally accountable for them.
The Internal Audit Department will have no direct responsibility or authority for any of the activities or operations it reviews. The department will not develop and install procedures, prepare records, or engage in activities that would normally be reviewed by internal auditors. Furthermore, an internal audit does not in any way relieve other university personnel of their responsibilities.
Approved on December 15th, 2009 by Dr. Larry E. Rivers, President of the Fort Valley State University and Mr. John M. Fuchko, III, Chief Audit Officer and Associate Vice Chancellor for Internal Audits, Board of Regents, of the University System of Georgia.