Internal Audit was established by the President of Indiana State University and is authorized by
the Indiana State University Board of Trustees. Internal Audit was established by the
University to assist, advise and consult with management at all levels and to provide appraisal of all
University operations and activities.
Internal Audit is authorized by the President to direct a broad, comprehensive program of review throughout
The audit staff shall have full, free, and unrestricted access to any and all University functions,
records, files, property and personnel as needed to accomplish their responsibilities.
Internal audit is a staff function without authority or direct control over the departments of activities
being reviewed. In this regard, Internal Audit will not install procedures, originate or approve
entries or otherwise engage in any activity that may be the subject of a subsequent review or appraisal.
Audit evaluation does not relieve University officials or employees of their designated responsibilities.
Internal Audit is authorized by the Board of Trustees to report directly to the Board any perceived
conflict of interest disclosed by audit that may involve the President.
Internal Audit is an independent, objective assurance and consulting activity designed to add value and
improve an organization’s operation. It helps an organization accomplish its objectives by bringing a systematic,
disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance
Internal Audit will assist the University administration by:
- Evaluating University activities and preparing an annual audit plan in accordance with ISU Board
of Trustees guidelines. The plan will be based on an assessment of the various risks associated with
University activities taking into consideration the time interval since last audit. The University
administration recognizes that one of the primary benefits of Internal Audit is the ability to
respond to problems as identified by management and encourages requests for audit assistance
as needed. If such requests are considered to be of higher priority than audits identified in
the yearly plan, the requests for assistance will be honored.
- Performing audits of records, systems, policies, procedures, property, and activities
of University units, departments and functions to:
(a) review their compliance with University objectives, policies and procedures and related State and
Federal requirements; (b) appraise the efficiency of their fiscal management and operating systems; and
(c) evaluate the effectiveness of their financial, administrative, and management controls.
- Recommending new or revised University or departmental policies, procedures and controls to
correct issues identified during audit review. Other responsibilities include preparing and distributing
audit reports or memorandums covering issues, findings and recommendations in sufficient detail for
management action. A written response to the audit will be required from the area under review
within required time frames.
- Conducting follow-up on periodic basis to review and evaluate the adequacy of management action taken to
correct reported problems to ensure satisfactory resolution of all significant issues.
- Advising and consulting with the University administration on financial and management issues,
sound business practices and internal control requirements are included in the responsibilities.
- Performing special reviews, research, or investigations as needed or requested by the University