Frequently Asked Questions

What does Internal Auditing do?

• Provides expertise in auditing, accounting, internal controls, financial risk management and organizational development.
• Promotes best practices and advocates for improvement and accountability.

Where does the office fit into MnSCU?

• The executive director reports directly to the Board of Trustees through the chair of the audit committee.
• According to board policy, Internal Auditing is a function shared with the Chancellor and the presidents
• Internal Auditing is intended to complement, and not replace, other services available either on campuses or in the system office.

How does the office differ from external auditors and consultants?

• Internal Auditing staff understand the unique needs of individual institutions and have developed on-going working relationships with MnSCU personnel.
• Institutions are not charged for services provided by internal auditing staff. Incidental costs may be addressed on specific projects.

Who receives the results of requested services?

• Results of services requested by the audit committee are reported to the trustees. Copies of these reports are distributed to management as appropriate.
• The results of other requested services are disturbed in accordance with pre-established agreements.
• State law and board policy governs distribution of fraud inquiry and investigation reports.