Shouldn't the UT Internal Audit and Compliance functions be separate? In what ways can they collaborate?
Per Institute of Internal Auditors Standards, internal auditors perform a variety of independent risk assessment services to give both The Board of Trustees and management assurance that significant risks are managed to acceptable levels.
In2009, two individuals transferred from the Legal Affairs department into Internal Audit. Also in 2009, one individual transferred from the Athletics department into Internal Audit. The roles of these three individuals were and are compliance in nature. We employ these individuals as auditors that perform compliance work as needed and warranted by UT. A transition plan was completed in September of 2009.
Compliance activities are similar to Internal Audit services in that:
• Both seek to minimize risk
• Compliance is proactive and reactive management
• Internal Audit is independent assessment and consulting services
Combining functions creates synergy and ensures better coordination in tight economic times.