University of Hartford
Internal Audit
CHARTER
This charter establishes the purpose, authority and responsibilities of the Internal Audit
department of the University of Hartford.
PURPOSE
Internal Audit is an independent appraisal activity established to examine and evaluate
the adequacy and cost effectiveness of the University’s systems of internal control,
administrative and accounting, as well as the effectiveness, economy and efficiency of
operations present within the University.
As service to management and the Board of Regents, Internal Audit is to support
members of the University in the effective discharge of their responsibilities of planning,
accounting, stewardship, and control in accordance with the policies and objectives of
University of Hartford Management and the Board of Regents. To this end, Internal
Audit provides analyses, appraisals, recommendations, counsel, and information
concerning the activities examined.
All Internal Audit endeavors are to be conducted in compliance with objectives and
policies established by the Board of Regents and the Officers of the University as well as
the Code of Ethics and the Standards for the Professional Practice of Internal Auditing
which are promulgated by the Institute of Internal Auditors, Inc.
AUTHORITY
Internal Audit is a function separate and distinct from that of the external auditors.
Internal Audit reports administratively to the Vice President for Finance and
Administration and has a direct and unrestricted reporting relationship to both the Audit
Committee of the Board of Regents and the Officers of the University. Periodic activity
report programming shall be prescribed by the President, the Vice-President for Finance
and Administration and the Audit Committee providing for at least:

Written and oral reports, at least semi-annually, of activity including, but not limited
to, the annual internal audit plan and summary statement and the status of
engagements completed and/or in process.
-2
Written and oral reports at meetings called by the Chair of the Audit Committee of
the Board of Regents.

Special written and oral reports as directed by the President and/or the Chair of the
Audit Committee of the Board of Regents.
These reporting relationships ensure departmental independence, promote comprehensive
audit coverage, and assure adequate consideration of the audit recommendations.
Additionally, Internal Audit regularly informs each Dean and Director of the respective
colleges and University departments on audit activities within their areas of
responsibility.
In undertaking any audit, subject to any restrictions on privileges at law and with stringent
accountabilities of safekeeping and confidentiality, Internal Audit is authorized to have
unlimited access to all University activities, records, property, and employees on a needto-know basis.
Internal Audit is a staff function that has no direct responsibility for or authority over
activities that are reviewed. Therefore, Internal Audit will neither make financial or
operating decisions nor direct personnel to change work methods or take corrective action
in response to audit recommendations. Internal Audit’s review and appraisal of activities
does not relieve other persons in the University of any of their responsibilities and of
establishing an adequate control environment and system of internal control.
A system of internal control is defined as those elements of an organization including, but
not limited to, its resources, systems, processes, culture, structure and tasks that, taken
together, support people in the achievement of the organization’s objectives. These
objectives may fall into one or more of the following categories:
a.
b.
c.
Effectiveness and efficiency of operations;
Reliability of internal and external financial reporting;
Compliance with applicable laws and regulations and internal policies.
Although adoption of audit recommendations is encouraged, appropriate disposition will
be the responsibility of the applicable operating managers and, if necessary, senior
management and/or the Officers of the University. Management is responsible for
ensuring appropriate actions are taken to address audit recommendations.
-3RESPONSIBILITIES
The professional responsibilities of Internal Audit include:
Assessing the various functions and control systems in the University and
advising management concerning their condition. The fulfillment of this
accountability is not confined to, but includes:
Appraising the effectiveness and application of administrative and
financial controls and the reliability and integrity of information that are
developed within the University.
Evaluating the sufficiency of and adherence to University plans, policies,
and procedures and compliance with applicable governmental laws,
regulations, and generally accepted accounting principles.
Ascertaining the adequacy of controls for safeguarding University assets
against loss through inefficiency, waste, negligence or fraud, and when
appropriate, verifying the existence of assets.
Conducting appraisals of effectiveness and efficiency in the use of
University resources and making appropriate recommendations to
management.
Reviewing operations or programs to ascertain if results are consistent
with established objectives and goals and if the operations or programs are
being carried as planned.
Assisting in the improvement of operations by making appropriate
constructive suggestions and recommendations.
Participating in manual and automated system design as an advisor of
internal controls.
Investigating reported occurrences of fraud, embezzlement, theft, waste,
etc., and recommending controls to prevent or detect such occurrences.
Performing special reviews requested by University management or the
Board of Regents.
-4Developing both a long-range plan and an annual audit plan using risk
analysis. Obtain input from University senior management and the
External Auditors and input/approval from the University President and
Vice President for Finance and Administration and the Audit Committee
of the Board of Regents for such plans.
The responsibilities of Senior Management include:
Acknowledging the Internal Audit activity as a diagnostic tool for identifying
areas requiring improvement.
Communicating the Charter and Mission of Internal Audit with consistency and
clarity to units for which they are responsible.
Participating in the audit process in order to make the Internal Audit function
effective.
Providing effective, consistent and thorough written procedures for all matters of
a fiscal nature.
Advising Internal Audit of all matters affecting the fulfillment of Audit’s
responsibilities, including the distribution of existing and new approved policies
and procedures, and deviations thereto, within each senior manager’s areas of
responsibilities.
Approved by the Audit Committee of the Board of Regents and the Officers of the
University of Hartford. The Audit Committee of the Board of Regents reserves the right
to modify the Charter, as appropriate.