The Internal Audit Department provides a wide range of services to management and the Trustees. Most activities can be classified as one of the following:
Financial and Operational Control Audits and Reviews
These audits and reviews provide an independent and objective evaluation of the system of internal controls as it relates to an activity, a department or other functional operation. They are intended to identify weaknesses and provide recommendations for strengthening internal controls, and to identify opportunities for improvements in the economy, efficiency and effectiveness of operations.
Business Process Reviews
These reviews are intended to evaluate one or more specific business processes and conduct assessments in connection with the development of new business processes and process reengineering. They also include, as appropriate, advice on aspects of policies, process enhancements and procedures.
We conduct limited reviews of functional areas or procedures at the request of a department head or senior management. Limited reviews focus principally on the concerns of the person requesting the review and are usually short term in nature.
Information Systems Controls Audits
These audits evaluate the adequacy of information systems controls for the Institute's computer applications and information technology infrastructure.
Policies and Procedures
We routinely provide feedback in connection with the development of Institute policies and procedures in all functional areas.