New Mexico State University Office of Audit Services Strategic Directions Plan
Mission
Audit Services supports New Mexico State University in pursuing its mission of providing comprehensive programs of education, research, extension education and public service to New Mexico's diverse population by promoting accountability, integrity, compliance and efficiency in all University operations.
Audit Services is dedicated to providing management with independent, objective appraisal and consulting activity designed to add value and improve operations, and to assist all members of the University community in the effective discharge of their responsibilities.
Consistent with the Code of Ethics of the Institute of Internal Auditors, the professional staff is expected to uphold and apply the fundamental principles of Integrity, Objectivity, Confidentiality, Professionalism and Competency in carrying out our mission.
Integrity - exercise and demonstrate personal and professional honesty and respect the rights, values and contributions of others.
Objectivity - make balanced assessments and do not be unduly influenced by self interest or by others.
Confidentiality - respect the ownership of information obtained and make no disclosures without appropriate authority unless there is a legal or professional obligation to do so.
Professionalism - provide services in accordance with the Institute of Internal Auditor's Professional Practices Framework.
Competency - apply appropriate knowledge, skills, experience and responsibility in the performance of duties.
In order to support the University in its efforts to serve the people of New Mexico and to provide a quality education that is accessible to all citizens, Audit Services is dedicated to: 1) ensuring that appropriate and cost-effective controls are in place to safeguard the Institution's assets for the current and future benefit of all New Mexicans and, 2) ensuring that resources are utilized effectively and efficiently in accordance with policies and procedures consistent with the University's overall mission, goals and strategies, and in compliance with sound business practices and regulatory guidelines.
In order to accomplish its mission, the University must be responsive to the needs and maintain the confidence of its diverse faculty and staff, students, alumni, community members, elected officials, granting agencies and various other constituencies. The Office of Audit Services provides valuable support in maintaining this confidence by performing independent and objective reviews, identifying strengths and weaknesses, and providing recommendations for preventive measures, corrective actions and enhancements to aid in the judicious management of scarce resources.
The goals listed are consistent with the Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors.
- GOAL - Maintain independence from activities audited.
Strategies:
1. Ensure that the organizational status of the Office of Audit Services is sufficient to permit the accomplishment of its audit objectives.
a. Maintain reporting responsibility to the Board of Regents.
2. Ensure that auditors have no ownership or authority over areas to be audited in order to facilitate objectivity in the performance of audits.
a. Require disclosure of any possible conflict of interest by audit staff and schedule assignments accordingly. - GOAL - Perform audits with proficiency and due
professional care.
Strategies:
1. Ensure that the technical proficiency and educational background of internal auditors is appropriate for the audits to be performed and that they possess or obtain the knowledge and skills needed to carry out responsibilities.
a. Establish and maintain a library of current audit books and software tools.
b. Encourage staff development and commit resources to providing continuing professional education.
c. Encourage and maintain expectation for professional staff to acquire graduate degrees and/or professional certifications.
d. Hire an auditor with computer systems expertise.
e. Employ the services of outside providers where necessary.
2. Ensure that internal audits are properly supervised and that auditors comply with professional standards of conduct.
a. Provide appropriate instruction and review.
b. Maintain open lines of communication.
3. Recruit auditors that are skilled in dealing with people and in effective communication. - GOAL - Examine and evaluate the adequacy and effectiveness
of the University's system of internal controls and the quality
and efficiency of operations.
Strategies:
1. Review the reliability and integrity of financial and operating information.
a. Develop and distribute internal control questionnaires that departments
can utilize for self-assessment purposes.
b. Develop and promote campus training programs emphasizing internal controls and fraud awareness at the departmental level.
c. Be available to serve as internal control advisors and participate in system
development and re-engineering efforts.
2. Review the systems established to ensure compliance with those policies, plans, procedures, laws, regulations and contracts which could have a significant impact on operations and reports, and determine whether the University is in compliance.
3. Review the means of safeguarding assets, and, as appropriate, verify the existence of such assets.
4. Appraise the economy and efficiency with which resources are employed.
GOAL - Ensure that audit work is adequately performed.
Strategies:
1. Take sufficient time to plan each audit and support results by collecting, analyzing, interpreting and documenting information.
a. Enhance the audit process by standardizing procedures as well as
utilizing automated tools to minimize labor intensive aspects of auditing.
2. Report results of audit work, make appropriate recommendations and follow up to ascertain that appropriate action is taken on reported audit findings.- GOAL - Ensure that the Office of Audit Services
is properly managed.
Strategies:
1. Establish a plan to carry out the responsibilities of the department.
a. Conduct risk assessments on an ongoing basis.
b. Maintain ongoing communication with and obtain input from regents,
appropriate administrators and other constituents when developing the
annual audit plan.
2. Provide written policies and procedures to guide the audit staff and establish a program for selecting and developing the human resources of the department.
3. Coordinate efforts with external auditors.
4. Establish and maintain a quality assurance program to evaluate the operations of the department.
a. Conduct a self-review and participate in peer review.
b. Utilize post audit surveys and questionnaires to obtain input
from clients about their audit experience.
5. Increase awareness of the internal audit function throughout the university.
a. Create and utilize an Internal Audit website, pamphlets and
other means to raise the level of awareness.
b. Maintain an audit presence at all colleges and major administrative areas, including branch campuses, on as regular a basis as resources will allow.