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OIA

10. Reporting and Monitoring

10.1   A written report shall be prepared and issued by the Director of Internal Audit following the conclusion of each internal audit engagement and shall be distributed to the appropriate departments/units.

 

10.2   The internal audit report shall include management’s response and corrective action taken or to be taken with regard to the specific findings and recommendations. Management’s response, whether included within the original audit report or provided thereafter by management of the audited area, shall include an implementation timetable for the anticipated completion of action to be taken or an explanation for any corrective actions that would not be implemented.

 

10.3   The Director of Internal Audit shall (a) periodically or upon request of the Audit Committee report functionally on all internal audit results and all matters relating to internal audit to the Audit Committee, and (b) administratively report to the University’s President in connection to the performance of the functions and duties of the OIA.  Such periodic reporting shall also include significant control weaknesses and fraud risk exposures.

 

10.4   The OIA shall be responsible for follow-up on the reported findings and the implementation of recommendations.  All significant findings would remain as open issues until they are cleared.