Policy on the Internal Audit Function - Concordia University

POLICY ON THE INTERNAL AUDIT FUNCTIONPage 4 of 6Evaluating operations or programs to ascertain whether results are consistent withestablished objectives and goals and whether the operations or programs are beingcarried out as plannedEvaluating procedures and records for their adequacy to accomplish intendedobjectives, and appraising policies and plans relating to the activity or functionunder reviewMonitoring and evaluating the effectiveness of the University's risk managementprocessesCoordinating the internal audit activities with those of the external auditor in orderto avoid duplication of effort. Copies of audit reports will be forwarded to theexternal auditorPerforming consulting and advisory services related to risk management and controlas appropriateReporting periodically on the internal audit function’s purpose, authority,responsibility, and performance relative to its planReporting significant risk exposures and control issues, including fraud risks andother matters needed or requested by the Audit CommitteeEvaluating specific operations at the request of the Audit Committee ormanagement, as appropriate.Internal Audit Plan12. At least annually, the Head of Internal Audit will submit an internal audit plan to seniormanagement for discussion and to the Audit Committee for review and approval. Theinternal audit plan will consist of a work schedule, as well as budget and resourcerequirements for the next fiscal/calendar year. The Head of Internal Audit willcommunicate the impact, if any, of resource limitations and significant interim changesto senior management and the Audit Committee.