Office of Internal Auditing

EIU Policies and Procedures

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Purpose

Mission Statement

Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve the university's operations. It helps the university accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. This activity shall be the responsibility of the director of internal auditing, who, per state statute, reports directly to the president.

Value at EIU

The responsibility of the Office of Internal Auditing is to serve the university in a manner that is consistent with the Standards for the Professional Practice of Internal Auditing, professional standards of conduct, and the "Fiscal Control and Internal Auditing Act." This responsibility includes coordinating internal audit activities with others so as to best achieve the audit objectives and the objectives of the university.

The internal auditing activity at Eastern covers a broad area of activities within the University. The services the office provides range from testing transactions for compliance with generally accepted accounting principles and established rules and regulations, to operational audits involving in-depth reviews directed towards improving efficiency and effectiveness. Although these services will, at times, include the audit of financial records and transactions, the scope of examinations is not restricted to financial matters but extends into all phases of university operations.

The goals and objectives of the Office of Internal Auditing at Eastern Illinois University are:

  • To assist university management in the effective discharge of its responsibilities by furnishing management with analysis, appraisals, recommendations, counsel and information concerning the activities reviewed.
  • To serve the university in a manner that is consistent with the Standards for the Professional Practice of Internal Auditing, professional standards of conduct, and the "Fiscal Control and Internal Auditing Act."
  • To maintain technical competence within the Office of Internal Auditing through membership and participation in professional societies, attendance at professional conferences and seminars, and the utilization of self study materials.

The internal auditors have no direct authority over, or responsibility for, any of the activities examined. Internal auditors do not develop and install procedures, prepare records, make management decisions, or engage in any other activity that could reasonably be construed to compromise the independence of the internal auditing activity. Review and appraisals by the internal auditors does not in any way substitute for, or relieve, other persons of assigned responsibilities.

Responsibilities

The primary responsibilities of the Office of Internal Auditing include the following:

  • Reviewing operational procedures to ascertain whether results are consistent with established objectives and goals and whether the procedures are carried out as planned.
  • Recommending financial, operational and compliance improvements.
  • Determining that the overall system of internal control and the controls in each activity under audit are adequate, effective, efficient and functioning.
  • Determining the reliability and adequacy of the accounting, financial and reporting systems and procedures.
  • Ensuring that university activities conform with generally accepted accounting principles, University policies and procedures, state and federal laws and regulations, contractual obligations, and good business practices.
  • Ascertaining the extent to which university assets exist, are properly accounted for, and are safeguarded from losses of all kinds.