University Policies

Policy Number: 801.1

Policy: Internal Audit

Date Adopted: 10/81

Revision Date: 10/04

References: MUS 930.1

Approved By: Robert A. Duringer, Vice President for Administration & Finance

On a continuing basis and in accordance with the audit plan approved by the President of The University of Montana-Missoula, the Internal Auditor shall perform financial and management audits of Departments, programs, and other organizational entities of the University.

Internal audit findings and recommendations shall be submitted to the President of the University, who, pursuant to MUS 930.1, shall submit any internal audit report to the Commissioner of Higher Education when the report contains a conclusion that there has been or may have been a violation of institutional or system policy or of state or federal law.

The Internal Auditor will serve as The University of Montana-Missoula campus liaison with all external auditors/representatives conducting audits or fiscal reviews of University activities for external federal or non-federal agencies.

Definition
An internal audit is defined as a report generated within The University of Montana-Missoula at the direction of the President of The University of Montana-Missoula by the Internal Auditor for the purpose of appraising, examining, or evaluating: a) Financial transactions for accuracy and compliance with institutional or system policies; b) financial and operational procedures for adequate internal controls; c) timeliness, reliability, and appropriateness of institutional records and reports; d) the level of compliance with required internal policies and procedures, state and federal laws, and government regulations; e) management or program reviews designed to improve departmental operations and procedures.

Policy Procedure