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.
The Kansas Board of Regents Internal Audit Function Policy specifies that each state university shall have an internal audit function. At Wichita State University, the internal audit function is led by the Director of Internal Audit who reports directly to the University President on all audit matters. The Internal Audit Function Policy of the Board further specifies that internal auditors shall:
- Have no restrictions placed on the scope of their work.
- Have full and free access to all records, properties and personnel relevant to an audit.
- Have no responsibilities for the activities they audit.
- Report directly to the Board Fiscal Affairs and Audit Committee any situations wherein the auditor perceives a conflict of interest with or on the part of the university chief executive officer's involvement with the subject of an audit.
It is the responsibility of Internal Audit to provide assurance and consulting services in a manner consistent with the International Standards for the Professional Practice of Internal Auditing and Code of Ethics promulgated by the Institute of Internal Auditors. Internal Audit will assist the university in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement. Areas of audit emphasis include:
- Achievement of the university's strategic objectives.
- Reliability and integrity of financial and operational information.
- Effectiveness and efficiency of operations and programs.
- Safeguarding of assets.
- Compliance with laws, regulations, policies, procedures and contracts.