Audit Charter

Introduction:

Internal Audit and Advisory Services is an independent, objective assurance and consulting activity designed to add value and improve Savannah State University's operations. It assists Savannah State University accomplish its objectives by bringing a systematic, disciplined approach to evaluate risk and improve the effectiveness of control and governance processes.

Mission and Scope of Work:

The mission of Internal Audit and Advisory Services is twofold: to support the vision and mission of Savannah State University by providing independent and objective assurance, management evaluation, consultation, and reporting services; and to help ensure the efficient and effective use of resources, program operations, and stewardship over assets. In accomplishing its mission, the scope of Internal Audit and Advisory Services 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, laws, and regulations which could have a significant impact on operations 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 the Board of Regents, as appropriate.

Reviewing the quality of performance of external auditors and the degree of coordination with Internal Audit and Advisory Services.

Investigating fraud and other types of fiscal misconduct.
Independence and Objectivity:

Internal Audit and Advisory Services is an independent appraisal function with a direct reporting relationship to the President and the Chief Audit Officer and Associate Vice Chancellor at the Board of Regents. The Director of Internal Audit and Advisory Services has unrestricted access to, and holds periodic meetings with, the President. The President of Savannah State University has the authority to request advisory services projects at his or her discretion. The requests are reviewed, prioritized, and completed based on available resources. Likewise, the Chief Audit Officer and Associate Vice Chancellor has the authority to direct Savannah State University, Internal Audit and Advisory Services to audit specific areas at the University as needed to fulfill the system-wide audit plan. The dual reporting structure provides an assurance that both a broad range of audit coverage and adequate consideration of an effective action on the audit issues and recommendations will be accomplished.

The Internal Audit and Advisory Services Department will not develop and install procedures, prepare records, or engage in any other activity which would normally be reviewed and appraised during an audit, or which could reasonably be construed as a conflict of interest, and therefore compromise independence or objectivity. Advisory services will consist of consultative reviews of policies and procedures, records, or other activities to assist management in the identification of internal control weakness, actions to mitigate the risk, and resolution. Internal Audit and Advisory Services does not in any way relieve other persons at Savannah State University from the responsibilities and accountabilities assigned to them.

Responsibilities

The Director, Internal Audit and Advisory Services, is responsible for developing an annual audit plan based on a university-wide risk assessment which encompasses all components of Savannah State University. The Director will present the audit plan to the Chief Audit Officer and Associate Vice Chancellor to ensure coordination efforts are identified and sufficient resources are available.

The Director, Internal Audit and Advisory Services, is responsible for reporting the status of all audit recommendation implementation to the President of Savannah State University, and the Chief Audit Officer and Associate Vice Chancellor. The President and the Chief Audit Officer and Associate Vice Chancellor receive all internal audit reports.

The Internal Audit and Advisory Services Department will perform its duties in accordance with the Standards for the Professional Practice of Internal Auditing, the Code of Ethics, and the Statement of Responsibilities of Internal Auditing, as published by the Institute of Internal Auditors, Inc.

Authority

To the extent permitted by law, Internal Auditing and Advisory Services has full access to all activities, records, properties and personnel within Savannah State University. Internal Auditing and Advisory Services is authorized to review and appraise all policies, plans, and procedures. Documents and other materials provided to Internal Auditing and Advisory Services will be handled in the same prudent manner as handled by those employees normally accountable for them. [1]

[1] Source: University System of Georgia Internal Audit Charter, February, 2000.