Internal Audit assists the University management, administration and the Board of Trustees in the effective discharge of their fiduciary and administrative responsibilities by providing independent, objective assurance and consulting services with respect to evaluating risk management, control, and governance processes. By monitoring areas of potential vulnerability and pursuing preventive measures, the department assists all members of the university community to comply with policies and procedures and uphold the highest standards of business conduct. To this end, Internal Audit will furnish management with analyses, recommendations, counsel, and information concerning the activities examined.
In all of its activities, Internal Audit will adhere to the Professional Standards and the Code of Ethics published by the Institute of Internal Auditors in The Professional Practices Framework handbook. Each member of the department is expected to consistently demonstrate high standards of conduct as well as appropriate judgment, independence and discretion.
Internal Audit provides advisory services to all entities and subsidiaries of the University and the University's Clinical Enterprise. Internal Audit activity should be independent, free from interference in determining the scope of audits, performing work, and communicating results. This independence is ensured through Internal Audit's reporting relationship to the President through the Executive Vice President for Finance and Administration to the Charter of the Audit and Compliance Committee of the Board of Trustees. In carrying out these responsibilities, all Internal Audit personnel have unlimited and unrestricted access to all data, records, files, property, and personnel of the University.
The authority for Internal Audit (UKIA) stems from a University of Kentucky Board of Trustees' resolution dated April 1, 1941, which indicates that all financial affairs of the University of Kentucky must be monitored. UKIA was officially created in 1958. The University Of Kentucky Board Of Trustees approved the inception of the Audit and Compliance Committee in-part to oversee the UKIA function. This practice is in keeping with the Standards for the Professional Practice of Internal Auditing.