The University President, Cabinet, and managers are charged with the responsibility for establishing a network of control processes for the purpose of implementing proper and effective internal controls over the operations of the University in order to provide the Board of Trustees with reasonable assurance that:
The Office of Internal Audit is charged with the responsibility for ascertaining that the ongoing control processes are adequately designed and are functioning in an effective manner. The Office is responsible for reporting to the President and the Audit Committee of the Board of Trustees on the adequacy and effectiveness of the University's systems of internal control and to make recommendations, as necessary, to improve the systems of control governing the operations of the University.
The Audit Committee of the Board of Trustees is responsible for monitoring, overseeing, and evaluating the duties and responsibilities of University managers, Office of Internal Audit and the external auditors with respect to the University's network of processes to control its operations. The Audit Committee is also responsible for determining that all material opportunities for improvement reported by the Office of Internal Audit, external auditors, and other external advisors (Federal and local Inspectors General, for example) have been satisfactorily resolved and implemented. Finally, the Audit Committee is responsible for reporting to the Board of Trustees all significant, material matters pertaining to the University's internal control structure.
To assist the University with ensuring that it maintains a proper network of process controls, the Office of Internal Audit has developed an Internal Control Questionnaire, as attached, which can be used to validate a proper and effective set of internal controls or identify areas where a department or unit of the University needs to strengthen its controls.
UVI Audit Hotline: (340) 693-1576 • E-mail: firstname.lastname@example.org