Reporting Structures and Independence
The Executive Director will officially report to the Principal and the Chair of the Audit Committee in order to underline the independence of the function from other University management. He/she may consult the Chair on any issue considered to merit consultation.
The audit staff should not develop and install procedures, prepare records, or engage in any activity that could reasonably be considered to compromise their independence. Their objectivity need not be adversely affected however, by their determination and recommendation of the standards of control to be applied in the development of systems (whether manual or electronic) and procedures under their review. Nor will objectivity be compromised by participation in processes designed to ensure that appropriate decisions are made or that appropriate information is developed for those who will make decisions.
In addition, the Internal Audit Department operating procedures with regard to individuals transferred to or temporarily employed by the department, will provide that these employees should not be assigned to work in their original departments until a reasonable period of time has elapsed.