The mission of the System Audit Office is to:
- Provide to management, the System Administration Internal Audit Committee and the Board of Regents independent, objective evaluations of the operations, policies, procedures, and controls at UT System Administration.
- Provide for UT System management, the Internal Audit Committee, and the Board of Regents oversight of all internal audit departments in the UT System to assure that an effective internal audit function which includes a risk-based annual and long-range audit plan, a reporting mechanism, and a quality assurance program, is in place Systemwide.
- Provide to the internal audit departments of mid-size and small institutions supplemental assistance and resources so that they can provide institutional management, institutional Internal Audit Committees, and the Board of Regents with independent, objective evaluations of their institutional operations, policies, procedures, and controls.
The System Audit Office's authority is formally defined in an internal activity charter approved by the System Administration Internal Audit Committee. Oversight and guidance for the audit function is provided by the Internal Audit Commitee, and the Audit, Compliance, and Management Review Committee of the UT System Board of Regents. The internal auditor is authorized to have full, free, and unrestricted access to all UT System property, personnel, and records. Systemwide internal audit activities and authority are detailed in UT System Policy UTS129.
The UT System Chief Audit Executive is appointed by the Audit, Compliance, and Management Review Committee (ACMRC) of the Board of Regents after nomination by the Chancellor. The Chief Audit Executive reports functionally to the Board of Regents through the ACMRC and administratively to the General Counsel to the Board of Regents. The Chief Audit Executive also has direct access to UT System Administration executive management, including the Chancellor.
Each institution and System Administration are required to have an internal audit department and an internal audit committee. The internal audit director is appointed by the institution's president, in consultation with the UT System Chief Audit Executive. Institutional audit directors report directly to their presidents and their internal audit committees, and indirectly to the ACMRC through the Chief Audit Executive.
Audit committees should consist of executive management and a member from outside the organization. Any external members should be familiar with the institution and the responsibilities of an audit committee. Audit committees should meet quarterly to facilitate direct communication between the internal audit director and executive management. The essential functions performed by the audit committees shall include approval of the annual internal audit work plans, consideration of work schedules and activity reports, and discussion of results of audits, including significant findings and recommendations.
Chart - Updated Fall 2010
The internal audit profession is guided by standards developed by The Institute of Internal Auditors (IIA). The IIA's International Standards for the Professional Practice of Internal Auditing (Standards) serve as a framework for performing internal auditing, and consist of mandatory requirements for perfoming internal audit work.
Financial Audits
Operational Audits
Compliance Audits
Information System/Technology Audits
Follow-up Audits
Consulting / Special Requests
- Identifies strengths and opportunities for improvement in a department's daily operations
- Determines status of internal control
- Assists in providing assurance of compliance with organizational and legislative regulations, policies or procedures.
Annual Audit Report 2010
Annual Audit Report 2009
Annual Audit Report 2008
