Who We Are
We are audit, accounting and fraud investigation professionals whose combined education and experience include accounting, management, finance, consulting, information systems and fraud investigations. As University employees, we have dual reporting responsibility to the President of the University and to the Audit Committee of the University of Memphis Board of Trustees. This reporting relationship enables Internal Audit to independently and objectively review matters involving any level of administration at the University. Our primary task is to review organizational functions and underlying processes to determine whether they support the goals and objectives of the University. We also have responsibility for investigating reports of fraud, waste and abuse pursuant to state statutes and the University.
The Value of Internal Audit
Mission and scope of work
The mission of Internal Audit is to provide independent, objective assurance and consulting services designed to add value and improve University operations. We help the University accomplish its objectives by systematically evaluating the effectiveness of risk management, control, and governance processes and recommending improvements when needed.
Our scope of work is to determine whether the University's network of risk management, control, and governance processes, as designed and represented by management, is adequate and functioning in a manner that ensures:
- Risks are identified and managed.
- Financial, managerial, and operating reports are accurate, reliable, and timely.
- Employee actions are in compliance with policies, standards, procedures, and applicable laws and regulations.
- Resources are adequately protected and used efficiently.
- Operational objectives are achieved.
- Legislative or regulatory compliance issues are recognized and addressed appropriately.
Audit issues relating to these areas will be reported to responsible managers, University officials, and the Board of Trustees. In addition, opportunities for improving processes and controls may be identified during audit engagements and communicated to the appropriate level of management.
As noted in the Audit Charter, University Management has the primary responsibility for establishing and maintaining a sufficient system of internal controls. University Management is required to assess risk and develop adequate internal controls pursuant to state statutes (TCA 9-18-101, Known as "The Tennessee Financial Integrity Act"). In accordance with instructions from the Tennessee Department of Finance and Administration, Management's annual evaluation of internal controls follows guidance issued by the Committee of Sponsoring Organizations (COSO) regarding internal controls.
Additional Information May be Located at These Links:
Tennessee Department of Finance and Administration
COSO Internal Controls Framework
Internal Control Self-Assessment Checklist
COSO Fraud Risk Management Guide - Executive Summary