Many people think of auditing as only "financial" in nature. However, internal auditing has a broader meaning-- helping you achieve your mission. The Internal Audit Department's mission was derived from the formal definition of internal auditing as promulgated by the Institute of Internal Auditors (IIA). The IIA's formal definition is as follows:
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. 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 processes.
Based on the above definition, the scope of the internal audit activities includes appraising that your department has established procedures to:
- Ensure results are consistent with established objectives/goals and operations or programs are carried out as planned.
- Ensure economical and efficient use of resources.
- Safeguard assets, and as appropriate, verify the existence of such assets.
- Ensure compliance with policies, plans, and procedures. Laws and regulations that could have a significant impact on operations and reports, and determining whether the organization is in compliance.
- Appraise the reliability and integrity of financial information by evaluating the means developed by management to identify, classify, measure, and report such information.
The internal audit function has no authority or responsibility over the activities audited, reviewed or investigated; these remain with management. Therefore such audits, reviews and investigations do not relieve other personnel at the New Mexico Military Institute of their responsibilities.
The Internal Audit Department reports directly to the Board of Regents and operates under their authority. Internal Audit Charter |
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