Introduction

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. The Office of Audit and Compliance Review (OACR) at the University of Florida administers the internal audit program for the University with the objectives to assist members of the University and the Board of Trustees in the effective discharge of their responsibilities. To this end, the OACR furnishes them with analyses, appraisals, recommendations, counsel, and information concerning the activities and organizations reviewed.

Mission

The Office of Audit and Compliance Review serves the University of Florida and its support organizations, including its direct support organizations and Faculty Practice Plan corporations. It provides a central point for coordination of and oversight for activities that promote accountability, integrity, efficiency, and compliance.

Organization, Independence, Authority

The university president appoints the Chief Audit Executive. The OACR operates under the general oversight of the university president and reports to the Board of Trustees through its audit committee as to the process and content of its reports. This reporting relationship promotes independence and assures adequate consideration of audit findings and planned actions.

In performing its function, the OACR has no direct responsibility or authority over any of the activities it reviews. Therefore, the audit, review and appraisal do not relieve other persons in the university of the responsibilities assigned to them. The OACR is authorized full and unrestricted access to all areas and information sources necessary to carry out its activities. Documents and information provided to OACR staff during an engagement are handled in the same prudent manner as by those employees normally accountable for them.

Professional Standards

The OACR staff members have a responsibility to the interest of those they serve and should refrain from entering into any activity that may create a conflict of interest. They have an obligation of self-discipline above and beyond the requirements of laws and regulations. They should uphold and demonstrate qualities of integrity, honesty, loyalty, morality, dignity, and confidentiality consistent with the Institute of Internal Auditors Code of Ethics. The Institute’s Standards for the Professional Practice of Internal Auditing shall constitute the operating procedures for the Office.

Duties and Responsibilities

(a) Conduct and coordinate audits, investigations, and management reviews relating to the programs and operations of the university and its support organizations.

(b) Conduct, supervise, or coordinate other activities carried out or financed by the university for the purpose of promoting economy and efficiency in the administration of, or preventing and detecting fraud and abuse in, its programs and operations.

(c) Receive complaints and coordinate all activities of the University as required by the Whistle-blower's Act pursuant to Sections 112.3187-112.31895, Florida Statutes.

(d) In accordance with the University’ s Policy on Fraudulent and Dishonest Acts, receive and consider complaints that do not meet the criteria for an investigation under the Whistle-blower's Act and conduct, supervise, or coordinate such inquiries, investigations, or reviews as appropriate.

(e) Keep the University president, vice president for finance and administration, management and the audit committee for the University’s Board of Trustees informed concerning fraud, abuses, and internal control deficiencies relating to programs and operations, initiate corrective actions, and report on the progress made in implementing corrective actions.

(f) Ensure effective coordination and cooperation between the Auditor General, federal auditors, and other governmental bodies and external auditors with a view toward avoiding duplication.

(g) Review, as appropriate, rules and procedures relating to the programs and operations of the university and make recommendations concerning their impact.

In the performance of these services, Office of Audit and Compliance Review will ensure that an appropriate balance is maintained between audit, investigative, and other activities. Detailed operational procedures for the OACR will be established and presented for the approval of the president and the audit committee.