Internal Audit

RMAS Internal Audit provides Advisory, Assurance, and Consulting Services to the units across the University through two specialized teams: 

• Financial, Operational, and Compliance Audit (FOCA)
• Information Technology (IT) Audit 

These teams are trained, certified, and experienced in various aspects of University governance and operations. 

Based upon the international standards, internal audit is defined as: 

… an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.  It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

RMAS teams fulfill their role through activities or engagements that fall into three broad categories:

• Advisory Services: Includes investigations, participation on committees, ad-hoc meetings, and advice on risk and control matters. Additional services include facilitated workshops and training.
• Assurance Services: An objective examination, often referred to as an audit, providing an independent assessment of governance, risk management, and control processes. Includes financial, performance, compliance, system security, and due diligence assessments.
• Consulting Services: Activities agreed upon with the client aimed at adding value and improving governance, risk management, and control processes, without internal auditors assuming management responsibilities.

RMAS derives its authority from its charter issued by the University’s governing boards through the Joint Committee on Inspection (JCI). The Assistant Vice President (AVP), RMAS reports administratively to the Vice President for Finance and Chief Financial Officer (VPF) and has a functional reporting relationship to the Joint Committee on Inspection (JCI), the Executive Vice President, and the VPF.