What is Internal Audit?
We are an independent assurance activity serving Longwood University.
Our ongoing reviews, based on a comprehensive audit plan, provide management with an evaluation of operating and financial systems and their related internal controls. This plan addresses not only financial systems, but also systems in non-financial areas established to ensure compliance with rules of external agencies and organizations.
Our responsibilities include, but are not limited to:
- Reviewing the application and effectiveness of administrative and financial controls, and reliability of the data that is developed within the University.
- Evaluating the sufficiency of, and the adherence to, University plans, policies, and procedures, and compliance with applicable laws and regulations.
- Ascertaining the adequacy of controls for safeguarding Longwood assets, deterring fraud, waste, and abuse, and when appropriate, verifying the existence of assets.
- Performing special reviews requested by the Board of Visitors and management.
- Coordinating audit planning and scheduling activities with the Auditor of Public Accounts, Joint Legislative Audit and Review Commission, and other external audit or review organizations.
- We are also responsible for investigating possible fraud, waste, or abuse situations found in audits or referred by third parties.
Internal Audit staff are trained professionals with business degrees. We participate in a variety of continuing education programs directed toward current issues in Higher Education and Internal Auditing.