Internal Audit Charter
Purpose and Mission The purpose of Central Washington University’s internal audit department is to provide independent, objective assurance and consulting services designed to add value and improve Central Washington University’s operations. The mission of internal audit is to enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight. The internal audit department helps Central Washington University accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management, and control processes. Standards for the Professional Practice of Internal Auditing The internal audit department will govern itself by adherence to the mandatory elements of The Institute of Internal Auditors' International Professional Practices Framework, including the Core Principles for the Professional Practice of Internal Auditing, the Code of Ethics, the International Standards for the Professional Practice of Internal Auditing , and the Definition of Internal Auditing. The Internal Audit Manager will report periodically to senior management and the Board of Trustees Finance and Audit Committee regarding the internal audit department’s conformance to the Code of Ethics and the Standards . Authority The Internal Audit Manager will report functionally to the Board of Trustees Finance and Audit Committee and administratively (i.e., day-to-day operations) to the Vice President of Business and Financial Affairs. To establish, maintain, and assure that Central Washington University’s internal audit department has sufficient authority to fulfill its duties, the Board of Trustees Finance and Audit Committee will: • Approve the internal audit department’s charter. • Approve the risk-based internal audit plan. • Approve the internal audit department’s budget and resourceplan. • Receive communications from the Internal Audit Manager on the internal audit department’s performance relative to its plan and othermatters. • Approve decisions regarding the appointment and removal of the Internal Audit Manager. • Approve the remuneration of the Internal Audit Manager. • Make appropriate inquiries of management and the Internal Audit Manager to determine whether there is inappropriate scope or resource limitations.
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