Agenda item XI-A July 04 white pgs Audit

TEXAS HIGHER EDUCATION COORDINATING BOARD INTERNAL AUDITING CHARTER ESTABLISHMENT The internal auditing function is established for the Texas Higher Education Coordinating Board (“Agency”) in accordance with Texas Government Code, Title 10, Chapter 2102, the “Texas Internal Auditing Act,” and Texas Education Code, Section 61.029. The Commissioner shall appoint the Director of Internal Auditing and shall employ additional professional and support staff necessary to implement an effective program of internal auditing. The appointment of the Director of Internal Auditing shall be subject to approval by the Agency’s governing board (“Board”). The Director of Internal Auditing shall establish those internal auditing policies and procedures necessary to assist management in the accomplishment of the Agency’s objectives and to ensure compliance with applicable laws and regulations. Attribute Standard 1000 Purpose, Authority and Responsibility Purpose The internal auditing function is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Assurance services are defined as objective examinations of evidence for the purpose of providing an independent assessment on risk management ...