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
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
Tennessee Board of Regents. 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 statues (TCA 9-8-101, 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
the Committee of Sponsoring Organizations (COSO) regarding
Additional Information May be Located at These Links:
Department of Finance and Administration
Links to Other
- November 2013
on Finance - Jan 2014
on Finance - Feb 2012
on Finance - Nov 2012
Fraud Report 2012