The objective of internal auditing is to assist institutional administrators and the Board of Regents in the effective discharge of the responsibilities by furnishing them with analyses, appraisals, recommendations, and pertinent comments concerning the activities reviewed. The attainment of this objective involves such activities as:
- Reviewing and appraising the soundness, adequacy, and application of accounting, administrative, and other operating controls, and promoting effective control at reasonable cost.
- Ascertaining the extent of compliance with established policies, plans, and procedures.
- Ascertaining the extent to which assets are accounted for and safeguarded from losses of all kinds.
- Ascertaining the reliability of management data developed within the organization.
- Conducting special examinations and reviews at the request of institutional heads, the Audit Committee, or the Board of Regents.
- Evaluating the economy and efficiency with which resources are employed and recommending improvements in operations.