The Office of Internal Audit provides University management with information regarding the adequacy and effectiveness of internal controls. All academic and administrative departments within the University are subject to audit.
Policies and procedures for administrative areas are examined and evaluated by the Office of Internal Audit to ensure established protocols are followed. Operational audits of Monmouth University’s administrative areas are conducted by the Office of Internal Audit which include, among other types of assessments, evaluations of workflow efficiencies, protection of personal financial information, and reviews of various operational controls in place in administrative areas.
Regulatory audits are conducted routinely to ensure Monmouth University is in compliance with the Environmental Protection Agency, the NCAA, and other regulatory bodies. Additionally, ensuring the safeguarding of University assets, monitoring the efficient use of University resources, and evaluating the reliability of information received by the University are responsibilities of the Office of Internal Audit.
The Office of Internal Audit adheres to the Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors (IIA’s Standards), as well as the common practices recognized throughout the Association of College and University Auditors (ACUA).
Each fiscal year an audit plan is developed based on the University’s Risk Assessment. Other contributing factors may also play a part in determining the coming year’s audit projects. This list of proposed audits must be reviewed and approved annually by the Board of Trustees.
Objectivity is an essential element to internal auditing. The Office of Internal Audit should not be part of creating financial, accounting, or operational procedures, preparing records, or otherwise be involved in an activity that can be subject to an audit. However, objectivity is not adversely affected by recommending standards and techniques of controls and how they are applied to developing workflows, and various procedures or systems.
All information obtained during an internal audit is deemed confidential unless otherwise instructed. The Internal Auditor will reveal matters relating to an internal audit only on a need to know basis.
Audit reports are considered highly confidential. They are distributed to the Vice President and General Counsel and to the Vice President within the University that has direct responsibility for the area reviewed. The Office of Internal Audit is responsible for providing status reports of audits to the Board of Trustees’ Audit Committee.