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OIA Charter
PURPOSE The purpose of the Office of Internal Audit is to assist senior management and the Audit Committee of the Board of Trustees in the effective discharge of their respective duties. The Office of Internal Audit functions as an independent appraisal activity reviewing all financial and operational activities of the University. Internal auditing provides senior management with analyses, appraisals, and recommendations concerning the activities reviewed to assist them in maintaining and improving the overall control environment within the operations under their direction, and assists senior management in monitoring the overall effectiveness of the system of internal control in achieving the broad objectives of the University. Additionally, the internal audit function provides the Audit Committee with counsel and information regarding the activities reviewed to assist them in fulfilling their responsibilities. AUTHORITY The Director of Internal Audit is authorized to direct a broad, comprehensive program of internal auditing within the University and its related operations. In carrying out this program, the Director and members of the audit staff are authorized to have full, free and unrestricted access to all University functions, records, properties, manual and automated systems, and personnel. The Audit Committee of the Board of Trustees has the responsibility to act on behalf of the Board in monitoring the accounting and financial reporting practices of Boston University, and overseeing both internal and external audit functions. The Director of Internal Audit reports to the Audit Committee on all internal audit activities and attends Committee meetings to report on significant findings and recommendations, the operations of the internal audit function, and such other information as is requested by the Committee. For purposes of administration, the Director reports to an officer designated by the Committee. Currently, this officer is the Vice President for Financial Affairs. In appropriate circumstances, the Director is specifically authorized to communicate directly to the Senior Vice President, Executive Vice President, President, or the Chairman of the Audit Committee. In executing the internal audit program, the Director of Internal Audit and audit staff have no direct authority over, or responsibility for, any system, procedure, or activity which the Office would be responsible to review. Therefore, the Office of Internal Audit may not develop or institute procedures, prepare records, make management decisions, or engage in any other activity which could reasonably be construed to compromise its objectivity or independence. Such tasks are the complete responsibility of operating management. Objectivity is not adversely affected by the recommendation of the standards of control to be applied in the development of systems and procedures under review. RESPONSIBILITY The Director of Internal Audit is responsible for:
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