Internal Audit Services
The Internal Audit Office is an independent appraisal function responsible for monitoring the fiscal and administrative operations of the Health Science Center. The Internal Audit Office is sanctioned by the Board of Regents Rules and Regulations and the Texas Internal Auditing Act.
The Chief Audit Executive (CAE) for Internal Audit reports functionally to the President, the audit committee, and administratively to the Chief Operating Officer. The functions of the Internal Audit Office are communicated through written audit reports and oral communications of findings, recommendations, opinions, and conclusions.
Audits are performed in compliance with federal and state laws, UT System and Health Science Center policies and generally accepted auditing standards. While providing management information to the President, audits are intended to provide documentation and constructive critique of operations to auditees.
Internal Audit Activities
The Internal Audit Office performs fiscal and administrative operations of the Health Science Center. This includes:
- verification of financial data;
- evaluation of procedures and controls;
- documentation of fiscal and administrative methodologies;
- follow-up on significant findings from previous audits;
- special audits at the request of the President and management;
- review of all operational areas for their stewardship of resources and compliance with established policies and procedures;
- review of internal administrative and accounting controls designed to safeguard resources and insure compliance with laws and regulations;
- participation in manual and automated system design as an advisor upon internal controls, and;
- investigation of reported fraud, embezzlement, theft, waste, etc., and recommendation of controls to prevent or detect such occurrences.
Audit projects are scheduled by utilizing risk assessment methodology to ensure Internal Audit resources are focused on high risk areas. The Internal Audit Office staff is authorized to have full, free, and unrestricted access to all property, personnel, records (including medical) and functions at the Health Science Center.
External Audit Activities
The Chief Audit Executive (CAE) of Internal Audit is responsible for coordinating the activities of all external auditors. If a department is contacted by an external audit agency, the agency should be referred to the CAE who will contact the appropriate levels of Health Science Center management to schedule the external auditor’s visit.
Management Advisory/Consulting Services
In addition to the performance of various audits, the Internal Audit Office also provides management advisory services to the institution. The Internal Audit Office has a staff with experience, knowledge, and training in accounting, business, and administrative functions at the Health Science Center. Requests for management advisory services should be addressed in writing to the CAE.
Any fraud that is detected or suspected must be reported immediately to the CAE of Internal Audit who is responsible for coordinating all investigations, both internal and external. See Section 2.6.3 of the Handbook for Operating Procedures.