MISSION STATEMENT
Introduction
Internal Audit serves the University of Wisconsin-Madison in a broad capacity providing Internal Audits and Consulting to all levels.
Internal Audit represents an independent appraisal activity for the review of operations as a service to management. It is a managerial control which functions by measuring and evaluating the effectiveness of other controls.
Consulting Services deals primarily with accounting, information systems, and other financial matters. It includes cost accounting, systems design and implementation, committee assignments, and other consulting activities. It also includes the review of new data processing systems and major system enhancements.
Purpose
The overall objective of Internal Audit is to assist all members of management in the effective discharge of their responsibilities. This objective is guided by the Institute of Internal Auditors (IIA) Statement of Responsibilities, Standards for the Professional Practice of Internal Auditing, and the Association of College University Auditors (ACUA) Statement of Responsibilities.
Three major concerns underlie the tasks undertaken by Internal Audit. They are accountability, compliance, and efficiency.
Accountability - The accountability requirements of the UW-Madison go beyond internal management in almost every area. Because of this, audit efforts are directed toward ensuring adequate accountability for all phases of operations.
Compliance - The UW-Madison has a public responsibility to comply with all rules and regulations. In addition, the financial risks associated with non-compliance can be very significant. As a highly visible "flagship institution" compliance becomes an essential part of audit effort.
Efficiency - The need to "get the most" from available resources is an ongoing responsibility of management. The unique position of Internal Audit allows us to see management systems in action and to recommend the efficiencies developed by one department to other departments.
Authority
The UW-Madison Internal Audit Department has been directed by the Chancellor's Office to:
develop and maintain a comprehensive internal auditing program for evaluating the financial and operational systems and procedures of all UW-Madison activities,
provide special audits upon request of the Chancellor's Office or his representatives,
provide consulting, when necessary, to assist management with special studies, reports and other matters relating to operations.
The department shall have full, free and unrestricted access to all appropriate UW-Madison activities, records, property, and personnel.