Audit and Management Advisory Services: Charter

Introduction
Audit and Management Advisory Services is an objective assurance and consulting activity that is independently managed within Gallaudet University and guided by a value-driven philosophy of partnering with other campus units to continuously improve the operations of the University. Professionalism and commitment to excellence are facilitated by operating within a framework of professional practice established by the Institute of Internal Auditors.

Role
The Audit and Management Advisory Services Department serves as a key advisor to the University community on a wide range of financial and operational issues related to all business activities of the institution. In this role, Audit and Management Advisory Services personnel serve as value-driven internal consultants, change agents, business analysts, risk assessors, and quality advocates.

Organization
The Director of Audit and Management Advisory Services reports administratively to the Vice President for Administration and Business and functionally to the President and the Board of Trustees Audit Committee.

Professional Standards
The Audit and Management Advisory Services staff members have a responsibility to the interest of those they serve and should refrain from entering into any activity that may create a conflict of interest. They have an obligation of self-discipline above and beyond the requirements of laws and regulations. They should demonstrate qualities to include integrity, honesty, loyalty, morality, dignity, and confidentiality consistent with the Institute of Internal Auditors Code of Ethics.

The Institute's Standards for the Professional Practice of Internal Auditing and Statement of Responsibilities of Internal Auditing shall constitute the operating procedures for the department. These documents constitute an addendum to the department's charter. In addition, Audit and Management Advisory Services will adhere to Gallaudet University policies and procedures and the department's operating manual.

Authority
Audit and Management Advisory Services is authorized full and unrestricted access to all areas and information sources necessary to carry out its assurance and consulting activities. Documents and information given to the Audit and Management Advisory Services staff during an engagement are handled in the same prudent manner as by those employees normally accountable for them.

Responsibilities and Objectives
Audit and Management Advisory Services assists the University in accomplishing its objectives by facilitating a systematic and ongoing evaluation of institutional risk management, control and governing processes. This includes:

• Ensuring that departmental strategies and initiatives are aligned with the University's goals and objectives.
• Focusing on overall institutional objectives by strengthening the mechanism for achieving those objectives at operational levels.
• Obtaining an intimate knowledge of clients' needs and working collaboratively with the clients to tailor department's services and products to meet their specific needs.
• Evaluating risk management processes established by management to identify, evaluate, and respond to potential risks that may impact the achievement of the University's objectives.
• Evaluating control processes established by management to ensure that risks are contained within the tolerances established by its risk management processes.
• Evaluating governance processes utilized by the representatives of the University's stakeholders (Board of Trustees) to provide oversight of risk and control processes administered by management.
• Working with management to better (1) understand risk exposures, (2) implement appropriate risk management strategies, (3) balance risk management and control strategies, and (4) accommodate change effectively.
• Advising operating management clients on the identification of risk and the activities employed to manage the associated exposures.
• Providing practical solutions to complex business problems and supporting management in implementing those solutions.
• Participating in the planning, design, and implementation of major information systems to ensure that the systems are properly tested, secured, documented and implemented to meet user requirements.
• Utilizing appropriate technologies and innovative management strategies to automate, simplify, and continuously improve the quality of the department's work processes in order to be more responsive and supportive of new management initiatives.
• Ensuring that valuable information gathered from assessing risks and identifying opportunities for improvement are properly communicated to the appropriate management and operating personnel in the form of consultation, advice, audit reports, or through other convenient products.
• Providing continuing professional education to keep staff abreast of new developments in internal assurance, consulting and information technologies.
• Establishing and monitoring the accomplishment of objectives directed toward enhancing the department's ability to serve management clients.

Planning
Annually, the Director of Audit and Management Advisory Services submits a preliminary work plan based on a facilitated risk assessment process to the Vice President for Administration and Business for approval. The approved plan will subsequently be communicated to the Audit Committee of the Board of Trustees. The objective is to continually assess all high-risk areas of the University and to evaluate critical business processes throughout the University as resources permit.

This real risk-based work plan focuses on how well the University as a whole is managing all areas of risk, such as: (1) financial; (2) public relations and political sensitivity; (3) regulatory compliance; (4) information resources protection; (5) human resources; and (6) operational efficiency and effectiveness. The Director works together with the President, Vice Presidents, Deans, Directors, Managers and other administrators on a list of key areas that should be evaluated within each organizational unit. Requests for assurance and advisory services are encouraged at any time from the Board of Trustees and management personnel based on known or perceived risk areas that should be appropriately evaluated by Audit and Management Advisory Services staff.

Using the approved annual work plan at the beginning of each fiscal year, Audit and Management Advisory Services conducts objective reviews to determine how effective management is mitigating risks within their areas. When demands for services exceed available resources, the Director establishes project priorities subject to the approval of the Vice President for Administration and Business.

Reporting
The Director of Audit and Management Advisory Services ensures that the results of internal assurance and consulting services are properly communicated to the appropriate management or operating personnel in the form of written reports, consultation, advice, or through other convenient products. Written reports include management comments itemizing specific actions taken or planned to mitigate identified risks and to ensure that operational objectives are achieved.

The Director submits a quarterly summary report detailing departmental performance to the Vice President for Administration and Business, President, and the Audit Committee.

Relationships with External Auditors and Consultants
External auditors are engaged by the University to audit the financial statements or to perform special services. The Audit and Management Advisory Services Department works cooperatively with external auditors and consultants to avoid duplication of efforts and to ensure optimum audit coverage is obtained.