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Charter

Role
As an assurance service to the Board of Trustees and management, AMAS serves as an independent and objective internal resource to examine and evaluate the University’s activities .

Independence
To maintain independence and objectivity, AMAS has no direct operating responsibility for or authority over management processes and operations that we review. The Executive Director has direct and unrestricted access to senior management and the Trustee Audit Committee.  AMAS maintains organizational independence by requiring the Trustee Audit Committee to:

  • Approve the internal audit charter
  • Approve the risk based annual internal audit plan
  • Periodically determine the adequacy of AMAS resources to perform its mission
  • Receive periodic communications from the Executive Director concerning AMAS’ performance relative to the audit plan and other matters
  • Approve decisions regarding the appointment and removal of the Executive Director
  • Approve the remuneration of the Executive Director

Reporting Relationship and Authority
AMAS has a dual reporting relationship to the Board of Trustees Audit Committee and to the Executive Vice President. AMAS has full and unrestricted access to all University activities, documents, records, systems, facilities and personnel necessary to fulfill its mission. AMAS has full and free access to the Trustee Audit Committee. AMAS is authorized by the Audit Committee and senior management to conduct its audits in accordance with the annual Internal Audit Plan and to engage in other independent reviews and consulting activities as required to support its mission.

Professional Standards and Ethics
AMAS staff are required to observe the Institute of Internal Auditors’ Code of Ethics which addresses aspects of Integrity, Objectivity, Confidentiality and Competency in conducting internal auditing and providing consulting services. AMAS is guided by the International Standards for the Professional Practice of Internal Auditing and practice advisories as set forth by the Institute of Internal Auditors (IIA), the Association of College and University Auditors (ACUA), the Information Security Audit and Control Association (ISACA) and the Association of Certified Fraud Examiners (ACFE).

Members of AMAS are expected to maintain high standards of conduct, independence, confidentiality and objectivity in performing their duties.

Scope of Services
AMAS conducts internal audits and consulting engagements with the objective of encouraging Tufts management to anticipate and manage business risks, comply with external regulations and University policies and procedures, protect assets and develop strong internal controls and administrative procedures that help ensure the effectiveness and efficiency of operations and the reliability of financial information and security of information assets. AMAS periodically provides other services in support of fraud investigations and management requests.

Consulting

AMAS is sometimes requested by management to participate on a university committee, project team, or analyze controls associated with a new work flow process, information system or application. In such instances, the Executive Director determines if the internal audit team can perform the work or participate in the activity. When AMAS performs a consulting engagement, the reported results are more informal, in the form of a recommendation rather than an opinion that results in a follow-up audit.

Coordination of Services with Tufts’ External Audit Firm
AMAS and Tufts’ external audit firm provide complementary services to the institution. Coordination of activities ensures comprehensive coverage of the University’s audit universe. The Executive Director of AMAS and the external audit firm work together to assess institutional risks and coordinate audit activities.