Business Procedures Manual

Essential business procedural components for University System of Georgia institutions.

Section 16 Introduction

(Last Modified on July 12, 2011)

Institutions of the University System of Georgia (USG) are audited regularly by the state Department of Audits and Accounts, federal auditors, the Board of Regents (BOR) Internal Audit department, and other third-party auditors.

The USG Internal Audit function is comprised of the BOR Office of Internal Audit and Compliance and institutional internal auditors.

The USG Internal Audit function exists to support the Board of Regents, system administration, and institutional administrations in meeting their governance, risk management and compliance responsibilities while helping to improve organizational and operational effectiveness and efficiency.. Internal auditing provides independent and objective assurance and consulting services to the BOR, the Chancellor, and institution leadership in order to add value and improve operations. The internal audit activity helps the University System Office (USO) and USG institutions accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management, compliance, and internal control processes.

The USG Internal Audit function conducts operational, financial and information technology assurance engagements of USG institutions and the University System Office (USO), performs system-wide reviews of specifics programs and processes, provides consulting services to the USO and to USG institutions, and conducts special reviews and investigations.

To accomplish these objectives, an internal auditor is authorized to have full, free, and unrestricted access to all property, personnel, and records to the extent permitted by law. The USG Human Resources Administrative Practices Manual ( details additional employee responsibilities pertaining to cooperating with internal audits. Internal auditors are charged to provide records in their possession the same level of protection provided by the record steward or owner. The USG Internal Audit function shall adhere to the International Standards for the Professional Practice of Internal Auditing published by the Institute of Internal Auditors, Inc..

The state Department of Audits and Accounts is charged by law to audit all state institutions. It conducts several types of audits, and provides reviews and recommendations for improving financial and management controls.

Various Federal agencies conduct audits and investigations associated with federal funds, programs, and/or regulated activities administered by USG entities. USG entities may be subject to additional third-party assurance engagements insofar as the third-party has the legal or contractual authority to conduct an assurance engagement or review. Examples are provided in Section 16.1.4.

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