What is Internal Auditing?

What is Internal Auditing?

Internal Auditing is an independent, objective assurance and consulting activity designed to assist all levels of University management and to improve the University's operations. Internal Auditing also assists the University of Wisconsin System management and the Board of Regents in accomplishing their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

What are some internal audit activities?

The Office of Internal Audit conducts audits or reviews of operations and procedures and furnishes the University with objective analyses, recommendations, counsel and information concerning the activities examined.

It reports findings and recommendations as a service to management to provide assurance that the University's financial resources are being properly managed and effectively and efficiently accounted for; that assets are safeguarded; and that applicable UW System Administration (UWSA) policies, as well as all applicable statutes, rules and regulations are being followed; and that the objectives of University management are being met.

The Office works to ensure the reliability and integrity of the University's internal control plan, objectives and techniques which embrace the whole network of policies, procedures, practices and systems used by management to carry out its functions. In doing so, it will provide management with information about the adequacy and effectiveness of the University's system of internal control and the quality of the performance and monitoring of those controls. It will help management communicate a clear understanding of the individual roles and responsibilities pertaining to the internal control structure over financial activities. It will also provide consultation and training on internal control activities.

The Office of Internal Audit serves as the liaison with external auditors, including those from the UW System Administration Office of Operations Review and Audit, the Legislative Audit Bureau, and various federal agencies.