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Business and Financial Policies and Procedures

Responsibilities

Audit, Budget, Finance, and Facilities Committee

This committee of the Board of Trustees oversees the work of internal and external auditors. They regularly review the internal audit plan and results with management and the Executive Director of University Audits. They also review the scope and results of the annual external audit with management and the external auditors. They monitor the status and adequacy of management's corrective actions.

Internal Audits

University Audits has the responsibility to carry out its duties as defined by the State of Illinois Fiscal Control and Internal Auditing Act. Those responsibilities include performing audits in accordance with The Institute of Internal Auditor's International Standards for the Professional Practice of Internal Auditing, which the State of Illinois Internal Audit Advisory Board has adopted as the standard of performance for all state internal auditors.

University Audits reports functionally to the University of Illinois President and the Board of Trustees' Audit, Budget, Finance, and Facilities Committee. University Audits reports administratively to the Board of Trustees' Comptroller, who is also the University Vice President and Chief Financial Officer.

The general scope of audit coverage is University-wide and no function, activity, or unit of the University or organization formally related to the University is exempt from audit and review. No officer, administrator, or staff member may interfere with or prohibit internal auditors from examining any University or related organization's record or interviewing any employee or student that the auditors believe necessary to carry out their duties. Additionally, the Executive Director has the authority to audit the records of all organizations required to submit financial statements to the University.

External Audits

The Vice President and Chief Financial Officer has delegated responsibility to the Senior Associate Vice President for Business and Finance to serve as the liaison with the State Auditor General's staff and external auditors. The campus OBFS chief business officers or their delegates, in collaboration with the University Controller, are responsible for coordinating the external audit activities conducted on their campus.

Office of Business and Financial Services (OBFS)

OBFS provides University units with policy and procedure guidelines and assistance with business transactions and processes. OBFS also provides central oversight over the University's business functions. Additionally, OBFS provides supporting information and assistance, as requested by auditors.

Unit Heads

Must ensure adequate internal controls are in place and operating effectively in their respective units. Additionally, unit heads shall ensure unit staff cooperation with information requests in connection with an audit.

All Employees

Employees are responsible to comply with policies and procedures, and other internal control practices and structures related to the performance of their duties.

Last Updated: December 8, 2014 | Approved: Senior Associate Vice President for Business and Finance | Effective: December 2014

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