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It is the policy of Georgetown University to provide an internal auditing organization as a means of supplying the President and the Board of Directors with an independent review of University operations and the adequacy of the performance of management personnel at all levels in the control of the operations for which they are responsible. .

IIn accordance with this policy, the Department of Internal Audit and Management Analysis has been established to perform audits and other procedures in review of internal controls, financial and compliance aspects, and operating procedures to the extent necessary to comply with this policy.

MISSION OF INTERNAL AUDITING

The Internal Audit function is a continuous independent management control and appraisal activity established within the University to review accounting, financial and other operations to determine for the President and Board of Directors that:

(1) Assets are safeguarded and their use properly accounted for.
(2) Accurate financial and managerial control exist and function properly.
(3) Recommendations are made for appropriate improvements in controls.
(4) Management plans, policies and procedures are carried out and executed efficiently and effectively.

APPOINTMENT AND POSITION OF INTERNAL AUDIT CHIEF AUDIT EXECUTIVE

The Chief Audit Executive will be appointed and removed by the President upon the recommendation of the Senior Vice President and with the advice and consent of the Chairman of the Audit Subcommittee of the Board of Directors. The Chief Audit Executive will have neither direct responsibility for, nor authority over, any of the activities which are audited.

CHIEF AUDIT EXECUTIVE AUTHORITY AND RESPONSIBILITY

The Internal Audit function is organized and functions under the Chief Audit Executive. The Chief Audit Executive is authorized to conduct a broad, comprehensive program of internal auditing within the University which will include the examination and evaluation of the adequacy, efficiency and effectiveness of the systems of financial and management control of the University, and their compliance with University policies and plans. In accomplishing these activities, the Chief Audit Executive and the audit staff are authorized to have full, free and unrestricted access to all University functions, records, property, and personnel relevant to the subject under review.

In discharging the duties as set forth in this Charter, the internal auditor will be guided by the audit standards as set forth by the Institute of Internal Auditors, Inc (IIA), the Standards for the Professional Practice of Internal Auditing, and the American Institute of Certified Public Accountants.

REPORTING RESPONSIBILITY OF THE CHIEF AUDIT EXECUTIVE

Independence is essential to the effectiveness of the internal audit function. In carrying out the foregoing duties and responsibilities, the Chief Audit Executive will issue reports to the Vice President concerned and to the Senior Vice President in charge of Internal Audit. Audits deemed worthy of the attention of the President of the University and the Chairman of the Audit Subcommittee of the Board of Directors shall be forwarded. The Chief Audit Executive will meet with the Board of Directors periodically at the Board's request to report the plans for audit activity, the results of audit activity and to provide any other information or assistance which the Board requires. In addition, the Chief Audit Executive has direct access to the President and the Board should matters of immediate significance arise which demand such attention.

ADMINISTRATIVE COORDINATION OF INTERNAL AUDIT ACTIVITY

To assure the adequacy of the management responses to audit reports issued by the Chief Audit Executive and to provide the everyday administrative support and supervision of Internal Audit, the Senior Vice President is assigned responsibility for the oversight of the internal audit program and will assure that:

Organizations and functions within the University are reviewed at appropriate intervals to determine whether they are effectively carrying out their functions of planning, operations, accounting, custody and control in accordance with University instructions, policies and procedures in a manner that is consonant with University objectives and with high standards of good business practice.

OBJECTIVE OF THE INTERNAL AUDIT DEPARTMENT

The objectives of the Internal Audit Department at Georgetown University include the following:

(1) To develop a comprehensive practical program of audit coverage of the University.
(2) To conduct reviews of assigned organizational and financial activities of the University.
(3) To determine whether department units within the University are performing their planning, accounting, custodial or control activities in compliance with management instructions and applicable statements of policies and procedures in a manner consistent with University objectives.
(4) To evaluate the adequacy and effectiveness of the management control over these activities.
(5) To verify and analyze transactions of the departments under review and to prepare workpapers documenting the results of the audit procedures performed in accordance with generally accepted auditing standards.
(6) To report audit findings on the results of procedures performed and to make recommendations to management for the correction of unsatisfactory conditions; improvements in operations; reductions in costs; and to perform special reviews at the request of management.