POLICY ON THE INTERNAL AUDIT FUNCTIONPage 3 of 68. <strong>Internal</strong> auditors will have no direct operati<strong>on</strong>al resp<strong>on</strong>sibility or authority over any of<strong>the</strong> activities audited. Accordingly, <strong>the</strong>y will not implement internal c<strong>on</strong>trols, developprocedures, install systems, prepare records, or engage in any o<strong>the</strong>r activity that mayimpair <strong>the</strong>ir judgment. The internal audit functi<strong>on</strong>’s work of reviewing, appraising, andreporting <strong>on</strong> established policies, plans, and procedures does not in any way relieveUnit Heads of resp<strong>on</strong>sibilities assigned to <strong>the</strong>m.9. <strong>Internal</strong> auditors must exhibit <strong>the</strong> highest level of professi<strong>on</strong>al objectivity in ga<strong>the</strong>ring,evaluating, and communicating informati<strong>on</strong> about <strong>the</strong> activity or process beingexamined. <strong>Internal</strong> auditors must make a balanced assessment of all <strong>the</strong> relevantcircumstances and not be unduly influenced by <strong>the</strong>ir own interests or by o<strong>the</strong>rs informing judgments.10. The Head of <strong>Internal</strong> <strong>Audit</strong> will c<strong>on</strong>firm to <strong>the</strong> <strong>Audit</strong> Committee, at least annually, <strong>the</strong>organizati<strong>on</strong>al independence of <strong>the</strong> internal audit activity.Resp<strong>on</strong>sibility11. The scope of <strong>the</strong> internal auditing functi<strong>on</strong> encompasses, but is not limited to, <strong>the</strong>examinati<strong>on</strong> and evaluati<strong>on</strong> of <strong>the</strong> adequacy and effectiveness of <strong>the</strong> <strong>University</strong>'s riskmanagement, c<strong>on</strong>trols and internal process as well as <strong>the</strong> quality of performance incarrying out assigned resp<strong>on</strong>sibilities to achieve <strong>the</strong> <strong>University</strong>’s stated goals andobjectives, particularly in <strong>the</strong> pursuit of best administrative practices. This includes:Evaluating <strong>the</strong> reliability and integrity of informati<strong>on</strong> and <strong>the</strong> means used toidentify, measure, classify, and report such informati<strong>on</strong>Evaluating <strong>the</strong> systems established to ensure compliance with those policies, plans,procedures, laws, and regulati<strong>on</strong>s which could have a significant impact <strong>on</strong> <strong>the</strong><strong>University</strong>Evaluating <strong>the</strong> means of safeguarding assets and, as appropriate, verifying <strong>the</strong>existence of such assetsEvaluating <strong>the</strong> effectiveness and efficiency with which resources are employed