Summary / Objective:
Reporting directly to the University President and Board of Trustees, this position is responsible for enhancing and protecting organizational value by providing risk-based and objective assurance, advice, and insight. This position provides independent, objective assurance and consulting services designed to add value and improve the University’s operations. This position helps the University accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
- Determine that the University’s overall system of internal control and the controls in each departmental unit or activities under audit are adequate, effective, efficient and functioning by conducting audits on a periodic basis so that all major systems are reviewed.
- Review the reliability and integrity of the accounting, financial, and operating information, and the means used to identify, measure, classify, and report such information.
- Review the design and major new electronic data processing systems and major modifications of those systems before their installation to ensure the systems provide for adequate audit trails and accountability.
- Review the systems established to ensure compliance with policies, procedures, laws, and regulations, and University and employee compliance with such.
- Review the means of safeguarding assets and, as necessary, verify their existence.
- Review and appraise the efficiency and economy with which resources are employed.
- Review operations and programs to ascertain whether the operations or programs are being carried out as planned.
- Review management’s processes for identifying and managing risks.
- Review management’s approach to promote an appropriate governance atmosphere.
- Perform consulting and advisory services related to governance, risk management, and control as appropriate.
- Report periodically to the University President and Board of Trustees on the internal audit activity’s purpose, authority, and responsibility; the independence of the internal audit activity; the audit plan and progress against the plan; resource requirements; results of audit activities; conformance with the Code of Ethics and the Institute of Internal Auditors’ (IIA) International Standards for the Professional Practice of Internal Auditing (Standards) and action plans to address any significant conformance issues; and management’s response to risk that, in the Chief Internal Auditor’s judgment, maybe unacceptable to the University.
- Report to the University President and Board of Trustees any inappropriate scope or resource limitations in the performance of internal audit function.
- Report significant risk exposures and control issues, including fraud risks, governance issues, and other matters needed or requested by the University Board of Trustees.
- Evaluate specific operations at the request of University management or Board of Trustees, as appropriate.
- Assist in the University President’s evaluation of the University’s compliance with the required internal control systems and the related certification provided to the Office of the Auditor General in accordance with the Fiscal Control and Internal Auditing Act (FCIAA) (30 ILCS 10/Article 3).
- Special audit of operations, procedures, programs, electronic data processing systems, and activities as directed by University management or by the University Board of Trustees, as applicable.
- Perform University-wide risk assessment that will seek inputs from University management and various units/functional areas.
- Annually, prior to July 1, develop and submit to the University President for review and approval a risk-based two-year audit plan identifying internal audits and activities scheduled for the forthcoming fiscal years.
- Include in the audit plan the FCIAA required audits and activities to achieve compliance with State requirements.
- Obtain the University Board of Trustees’ approval to the two-year audit plan.
Audit Process and Reporting
- Communicate with management and auditees on areas of concern, audit coverage, and expectations.
- Establish audit objectives, scope, and audit procedures.
- Maintain adequate documentation supporting the procedures performed, the results of testing, analyses and conclusions.
- Prepare a written report of the evaluation of the risks and controls, including the results of testing, exceptions noted, weaknesses identified, and recommendations.
- Review of management responses and corrective action plans to findings and recommendations.
- Follow-up to determine the implementation status of corrective action plans.
- By September 30 of each year, submit to the University President a written report detailing how the audit plan for the prior fiscal year was carried out, the significant findings, and the extent to which recommended changes were implemented; and present the same information to the University Board of Trustees.
- Superior Financial and Statistical Analysis skills
- Problem Solving / Analysis
- Customer / Client Focus
- Superb PC Technical Capacity
- The Chief Internal Auditor works independently to complete all assigned tasks.
- Meets with the President or his/her designee to report on audit and compliance results.
FCIAA; IIA Standards; guidance from the Association of College and University Auditors (ACUA) and other public universities in the surrounding area; the contracted external auditor firm;; and other reference materials such as subscriptions to internal auditing manuals, and active memberships in ACUA and IIA.
Work Authorization/Security Clearance:
This position requires a criminal background check.
Physical demands are comparatively light but the auditor must be able to meet situations where access to documents requires physical effort. The individual must be able to climb, stoop, bend, and lift to access records and stored boxed records.
Work on special projects as assigned. Work on several committees. Duties, responsibilities, and activities may change at any time with or without notice. The audit charter provides the Chief Internal Auditor with full free and unrestricted access to all University functions, records, property, and personnel. The Chief Internal Auditor deals directly with University-wide administrators, faculty, A/P, and civil service employees to complete an internal audit program. This includes the Board of Trustees, Vice Presidents, Provost, Deans, Division Chairs, and Unit Heads (e.g. all levels within the University). The IA discusses the audit with the responsible area or function before the audit begins. At the audit conclusion, a written report is prepared and discussed with appropriate levels to report the results, make recommendations, and form conclusions. As part of their fieldwork, the audit function is annually reviewed via the published audit reports, correspondence, and audit working papers supporting the results.