Office of Internal Audit & Consulting
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 福利片国产 employees, we have dual reporting responsibility to the President of the 福利片国产 and to the Finance and Audit Committee of the 福利片国产 of Memphis Board of Trustees. This reporting relationship enables Internal Audit to independently and objectively review matters involving any level of administration at the 福利片国产. Our primary task is to review organizational functions and underlying processes to determine whether they support the goals and objectives of the 福利片国产. We also have responsibility for investigating reports of fraud, waste and abuse pursuant to state statutes and the 福利片国产.
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 福利片国产 operations. We help the 福利片国产 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 福利片国产'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, 福利片国产 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.
Internal Controls
As noted in the Audit Charter, 福利片国产 Management has the primary responsibility for establishing and maintaining a sufficient system of internal controls. 福利片国产 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:
Internal Control Self-Assessment Checklist
COSO Fraud Risk Management Guide - Executive Summary