13.5 Responsibility

Each year, the Internal Audit Department will develop and execute a comprehensive audit plan to be conducted in accordance with applicable professional auditing standards. A comprehensive report on the internal audit function will be made to the Board through the Audit Committee in August of each year.

The report will include the annual audit plan, review of all previous fiscal year audits completed and in progress, including any follow-up reviews and any audits which were scheduled but not done, and a list of all audits completed within the last three fiscal years. A copy of each audit report and follow-up review, upon its completion, will be sent to the Board Office.

Any activity which is illegal or the legality of which is questioned by the audit staff (e.g., conflict of interest, embezzlement, or theft) shall be reported to the appropriate institutional administrator or President of the Board (consistent with V-13.4) immediately upon discovery by audit staff.

In performance of their functions, internal audit staff have no direct responsibility for, nor authority over, any of the activities and operations reviewed.