CAO/IAAS Authority and Responsibilities

 

The CAO reports equally to the Chair of the Audit Committee of the Board of Trustees and to the President. In carrying out its duties and responsibilities, the CAO and the IAAS will have full, free, and unrestricted access to all College records, property, and personnel.

The primary objective of IAAS is to assist management and the Board of Trustees in the effective discharge of their responsibilities. To this end, IAAS will furnish them with analyses, recommendations, counsel, and information concerning the activities reviewed.

 

The CAO and the IAAS  are authorized to undertake a broad, comprehensive audit program as outlined in the annual internal audit plan approved by the Audit Committee of the Board of Trustees and the President.  CAO will:

  • Develop an annual internal audit plan, which prioritizes audits on the basis of greatest potential risk and exposure to Morehouse, for review and approval by the Chair of the Audit Committee and the President.  The plan will be submitted to the Audit Committee of the Board of Trustees for review and approval.
  • Evaluate key business processes, risks and the related management controls to determine consequences of business risks.
  • Schedule an immediate audit of reported incidents of alleged fraud, embezzlement, theft, waste, etc. and make certain recommendations are provided for controls to prevent or detect such occurrences thereafter.
  • Review the efficiency and effectiveness of College processes including the use of best practices.
  • Prepare reports on the results of projects including recommendations for improvement.
  • Communicate with the Chair of the Audit Committee and the President on a regular basis to keep them informed of on-going audit activity and any major findings occurring as they are discovered.
  • Conduct special projects at the request of Management or the Audit Committee.
  • Submit to the Chair of the Audit Committee and President, for their review, a semi-annual report of audit activity and other reports as requested.