Approved by the Board of Regents May 16, 2003
The New Mexico Institute of Mining and Technology Internal Audit Department is an independent appraisal function for all campuses and units of the Institute. It assists New Mexico Institute of Mining and Technology management in the effective discharge of its responsibilities by furnishing them with analysis, appraisals, recommendations and comments concerning the activities reviewed. The Internal Audit Department provides reviews to assure that the organization's plans are carried out, policies and procedures are observed, assets are accounted for, and records and reports are reliable.
The Internal Audit Department has access to all Institute activities, records, properties and personnel related to the subject under review. The Internal Audit Department does not exercise direct authority over other persons or operations within the Institute. Internal Audit's findings and recommendations are provided to assist management. As such, the responsibility to execute specific actions remains with management.
Reporting Structure and Supervision
The Internal Audit Department reports to the New Mexico Tech’s President and the Chairman of the Board of Regents. Internal Audit final reports will be submitted to the President, the Chairman of the Board of Regents and management of the area under review.
Scope and Objectives
The Internal Audit Department may be concerned with any area of Institute activity and is responsible for the following activities:
A. Review and appraise the soundness, adequacy and application of accounting, financial and other operating controls to promote effective controls at reasonable cost.
B. Review and test compliance with statutory, regulatory, and internal policy requirements.
C. Review the extent to which resources are used efficiently and effectively.
D. Evaluate the timeliness, reliability, and usefulness of institutional records and reports.
E. Determine extent to which Institute System assets are accounted for and safeguarded from loss.
Internal Audit Procedures
Audit Assignment -- The Internal Audit Department, in consultation with Institute management, shall prepare an annual audit plan. Before it is finalized, the audit plan will be discussed with the Institute’s executive management for input. The President shall approve the final audit plan.
Special Requests -- Internal Audit will concentrate its time on the audit plan approved by the President. Occasional special requests for audit work may be accepted. Internal Audit will consult with the President before beginning work on a special assignment.
Investigations -- Internal Audit may be involved in investigating allegations of fiscal misconduct. Unscheduled audit time will be included in the annual audit plan to allow for this. Internal Audit shall notify the President before beginning work on an investigation.
In carrying out its function, the Internal Audit Department shall comply with the professional ethics, responsibilities and standards recognized for conducting such activities. If in the course of performing his or her duties a professional employee of the Internal Audit Department shall be of the opinion that there has been or is occuring a material wrongdoing, including material violation of applicable Federal, State or local law or a material contractual provision by which the Institute is or may be bound, by an employee or contractor of the Institute and that such wrongdoing cannot be fairly addressed and remedied by normal channels and means, a report of such conduct shall be made immediately to the President; in event the alleged wrongdoing involves the President or if the professional employee is of the opinion that the report should go directly to the Board of Regents, the report shall be made immediately to the Chairperson of the Board of Regents, the report shall be made immediately to the Chairperson of the Board of Regents. The Internal Audit Department shall immediately report to the appropriate party within the Institute an attempt to circumvent or otherwise evade compliance with this policy.
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