Audit Charter of the Internal Controls Services Unit of the Office of Risk and Internal Controls Services
Role of Internal Controls Services
The Internal Controls Services unit of the Office of Risk and Internal Controls Services (RICS) provides independent, objective assurance and consulting services designed to add value and improve Dartmouth College’s operations. It helps the leadership accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Internal Controls Services will conduct work in accordance with the Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors.
ICS will have full, free and unrestricted access to all activities, records (in both paper and electronic format), systems, property and personnel relevant to an area under review. Documents given to ICS will be handled in the same prudent manner as by those employees normally accountable for them, with stringent regard for safekeeping and confidentiality.
To ensure the independence and objectivity of Internal Control Services and its staff, members of the department are not authorized to participate directly in performing operational duties or designing systems and operations. However, they may serve in an advisory capacity regarding these matters.
The ICS audit and review process does not in any way relieve other employees or appointees of Dartmouth College of their responsibilities for complying with applicable policies and procedures as well as correcting deficiencies.
The director and staff of Internal Controls Services have responsibility to:
• Develop a flexible annual audit plan based on a risk analysis, including any risks or control concerns identified by management, and submit the plan to the audit committee for review and approval as well as provide periodic updates.
• Provide objective and professional evaluations of the College’s systems of internal controls through Financial, Operational, Compliance, Information Technology and Strategic audits.
• Provide services concerning issues related to internal controls and special investigations.
• Periodically report and make recommendations to Senior Management and the Audit Committee on results of audit activities, emerging trends in governance relating to risk management and successful practices in internal auditing.
• Maintain a professional audit staff with sufficient knowledge, qualifications and experience to meet the requirements of this Charter.
• Provide up-to-date audit business practices to maintain a strong internal control framework at Dartmouth
The Director of the office of Risk and Internal Control Services reports administratively to the Executive Vice President and Chief Financial Officer and functionally to the Audit Committee of the Board of Trustees. The Director will be a regular participant in the Audit Committee meetings and has direct access to Committee members and all officers of Dartmouth College and members of its Board of Trustees when circumstances warrant such communication.
Coordination with External Auditors
The Director of the Office of Risk and Internal Control Services will meet regularly with the External Auditor to discuss the internal and external audit plans and to share knowledge of any issues. These meetings will ensure that the roles of the two functions are coordinated and that there is no duplication.
Approved on February 15, 2011 by the Audit Committee of the Board of Trustees of Dartmouth College.
Last Updated: 3/11/11