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University Auditing Charter
The Yale University Auditing Department 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. University Auditing serves the Yale Corporation Audit Committee and the Officers of Yale University.
The Yale University Auditing Department is responsible for conducting internal audits and evaluations of Yale’s system of internal controls. The audits will include assessments of the reliability of departmental financial information, compliance with University policies and procedures, compliance with laws and regulations, the safeguarding of assets and the effectiveness and efficiency of operations. In addition, University Auditing may provide consulting services within the University concerning issues related to internal controls, special investigations, and other areas of interest and concern.
University Auditing operates with the authority of the Corporation Audit Committee and has full, free, and unrestricted access to any and all University information, documents, records, physical properties and personnel related to the performance of engagements. Information obtained during the course of engagements will be held with appropriate confidentiality.
The Director of University Auditing reports to the Yale Corporation Audit Committee and the Vice President for Finance and Business Operations. The Director of University Auditing is a regular participant in Corporation Audit Committee meetings and has free and unrestricted access to Committee members and all Officers of the Yale Corporation.
University Auditing will govern itself by adherence to The Institute of Internal Auditors’ mandatory guidance including the Definition of Internal Auditing, the Code of Ethics, and the International Standards for the Professional Practice of Internal Auditing.
In order to maintain independence and objectivity, University Auditing will remain free from interference by any element in the organization on matters including audit selection, scope, procedures, frequency, timing and report content.
University Auditing will not have direct operational responsibility or authority over any of the activities audited. Accordingly, internal auditors will not implement internal controls, develop procedures, install systems, prepare records, or engage in any other activity that may impair the internal auditor’s judgment.
Annually, the Director of University Auditing will confirm to the Corporation Audit Committee the organizational independence of University Auditing.
Coordination with External Auditors
The scope and objectives of an external financial audit are different from the scope and objectives of an internal audit. However, in view of the fact that both internal and external auditors evaluate and test internal controls, coordination of audit activities is important and beneficial to Yale. The Director of University Auditing will work with external auditors in coordinating audit activities.