FACILITIES AND SERVICES
Mission
- Promote good stewardship of University assets and resources to uphold the highest level of I integrity.
- Provide an independent appraisal of the adequacy and application of internal controls.
- Assess operations and activities and present quality advice which will assist management at all levels in achieving objectives consistent with the University's strategic plan.
Vision
- Sustaining the office as a sought-after resource and integral part of the USC management support team
- Maintaining constant vigilance to ensure that services provided address priority and high risk areas of USC
- Building and maintaining professional and cordial working relationship with the USC Community
- Serving USC with professionalism, unwavering dedication and optimism
Objective
- To assist USC management accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes by:
- Promoting effective control at reasonable cost, providing practical solutions and systems, compliance appraisals and review
- Contributing to the organization’s governance process in ensuring consistency of operations, activities and programs to the overall values and goals of the organization
- Assisting in risk management by evaluating its effectiveness
Responsibility
The Internal Audit Department is a staff organization and functions in an advisory capacity. It exercises neither direct responsibility for, nor authority over, any of the activities and/or functions under review.
Authority
The Internal Audit Department has full, free and unrestricted access to all operating and financial records, information systems and applications, physical properties, activities and personnel relevant to the review.
Scope of Work
The scope of the Internal Audit function includes the following areas:
- reliability, integrity and timeliness of information;
- compliance with policies, plans, procedures, laws and regulations;
- safeguarding of assets;
- economical and efficient use of resources;
- accomplishment of established goals and objectives for operations;
- review of computerized system’s plan and direction;
- liaise with external auditors and other agencies to avoid redundancies in audit effort;
- maintaining appropriate professional development program to ensure that staff possess the skills and abilities to perform audit assignments; and,
- performing other special review, projects, investigations and consulting services as determined and/or requested by management
.
The Internal Audit Department reports to the President for all auditing activities except those related to the Office of the President. Auditing activities related to the Office of the President are reported to the Board of Trustees.
Services
The Internal Audit Department is available to provide a variety of services to the University community such as but not limited to the following:
- Financial Audits
Financial audits address issues of accounting and reporting of financial transactions. Its purpose is to assess the accuracy, validity and reliability of department or organization financial records and reports.
- Operational Audits
Operational audit reviews functions within an organization for efficiency and effectiveness from a cost-benefit standpoint.
- Compliance Audits
Compliance audits are review of financial and operational controls to determine how well the University community adheres to established laws, regulations, policies, and procedures of the University of San Carlos, government, and other regulatory agencies. Contractual agreements into which the department has entered also may be subject to review.
- Information Systems Audits
This type of audit addresses the control environment of computer information systems and how they are used. This is a technical review that may include evaluating system input, processing and output controls, data and physical security, contingency planning and disaster recovery, system administration, etc.
- Investigative Audits
These audits are performed to investigate incidents of possible fraud or misappropriation of University assets.
Standards of Audit Practice
The Internal Audit Department performs its functions in accordance with the International Standards of the Professional Practice of Internal Auditing.
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