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Office of Internal Audits

Welcome to the Office of Internal Audits home page for Midwestern State University. Internal auditing is an independent and objective assurance and consulting activity that is guided by a philosophy of adding value to improve the institution’s operations. We are committed to performing the highest quality auditing and consulting services.

 

MISSION

Our mission is to enhance and protect the University’s value by providing risk-based and objective assurance, advice and insight.
The mission will be achieved by:

  • Using a systematic, disciplined approach to evaluate risk management, internal controls, operational and governance processes.
  • Maintaining independence and objectivity at all times and adhering to professional standards.
  • Promoting integrity and compliance with all applicable laws, regulations, university policies and procedures.
  • Assisting the university achieve its goals and objectives, identify and address risk, and continuously improve processes and operations.
  • Maintaining a strong partnership with the Board of Regents, the President, university management, and oversight agencies to enhance our effectiveness.

 

ACTIVITIES

The scope of internal auditing encompasses, but is not limited to, the examination and evaluation of the adequacy and effectiveness of the institution’s governance, risk management, and internal controls as well as the quality of performance in carrying out assigned responsibilities to achieve the university’s stated goals and objectives. 

The type of services performed include:

Assurance Services (Audits) – an audit is the objective assessment of evidence to provide an independent opinion or conclusion. The audit scope or focus is not limited to accuracy of data or compliance with policies, laws and regulations but can include assurance that resources are acquired economically, used efficiently, and adequately protected; that programs, plans and objectives are achieved; that quality and continuous improvement are fostered in controls and governance processes.

Consulting Services – consulting is advisory in nature and services are generally performed at the request of management, intended to add value and improve effectiveness. Consulting objectives and scope are determined in advance by collaborating with management and may include counsel, advice, facilitation, and training.

Investigations and Special Reviews – investigations are performed when complaints or tips are received or when evidence or indications of fraud exist. It may include reviews of policies and procedures to prevent the likelihood of potential fraud from occurring or recommend ways to prevent or detect occurrences in the future.

 

CORE PRINCIPLES

The Core Principles for the Professional Practice of internal Auditing are the foundation for the Institute of Internal Auditors International Professional Practices Framework (IPPF)® and support internal audit effectiveness. For an internal audit function to be considered effective, all of the following Principles should be present and operating effectively.

  • Demonstrates integrity.
  • Demonstrates competence and due professional care.
  • Is objective and free from undue influence (independent).
  • Aligns with the strategies, objectives, and risks of the organization.
  • Is appropriately positioned and adequately resourced.
  • Demonstrates quality and continuous improvement.
  • Communicates effectively.
  • Provides risk-based assurance.
  • Is insightful, proactive, and future-focused.
  • Promotes organizational improvement.

 

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