This Charter identifies the purpose, authority, responsibilities, and reporting procedures of the Office of Internal Audit at Binghamton University.
The Office of Internal Audit is an independent appraisal activity established within the organization to evaluate the effectiveness, efficiency, and application of accounting, financial reporting, operational, and other internal controls necessary to accomplish University objectives in compliance with established policies, procedures, regulatory requirements, and sound business practices. Internal Audit activities are conducted in compliance with the Standards for the Professional Practice of Internal Auditing promulgated by The Institute of Internal Auditors.
The Office of Internal Audit has a direct line reporting relationship to the President of Binghamton University and a dotted line reporting relationship to the Vice President for Administration. The Office of Internal Audit also has direct access to the State University of New York Office of the University Auditor and the Research Foundation Office of Internal Audit and Management Advisory Services. These reporting relationships ensure Internal Audit’s independence, promote comprehensive audit coverage, and assure adequate consideration of audit recommendations.
The Office of Internal Audit personnel will be granted full and complete access to all institutional records (physical properties, electronic media, and employees) and the records of organizations associated with Binghamton University in the performance of audits and other related services. This includes, but is not limited to, the records of the following organizations: Binghamton Foundation, University Plaza, LLC, Binghamton University Foundation Housing Corporation, Research Foundation, Student Association, Graduate Student Association, and Alumni Association. This access requires the audit staff to maintain the highest levels of confidentiality and standards to safeguard information and institutional assets.
In conducting these activities, the Office of Internal Audit has neither direct responsibilities for, nor authority over, any of the operations or activities, which are subject to review or audit. Additionally, the Office of Internal Audit shall not install systems or procedures, prepare records, or engage in any other operational capacity.
The responsibilities of the Office of Internal Audit encompass the examination and evaluation of the adequacy and effectiveness of the University’s internal control structure to achieve the stated goals and objectives of Binghamton University. These responsibilities include:
Following the conclusion of each audit, a preliminary audit report will be prepared and issued by the Director of Internal Audit to the Vice President and Director of the area audited. The Vice President and the Director will be required to respond to the preliminary report in writing to the Director of Internal Audit, within 30 days of receipt of the report. These departmental responses will be incorporated in the final audit report. The final report will be forwarded to the University President, Vice President for Administration, and the Vice President responsible for the area being audited. Management of the areas being audited is responsible for determining actions and implementing recommendations resulting from an internal audit review.
Last Updated: 7/14/10