Office of Risk Management

Internal Audit is one of the three primary functions of the Office of Audit, Risk, and Compliance. Internal Audit provides independent and objective assessments of University operations, evaluating the effectiveness of governance, risk management, internal controls, and processes; safeguarding of University assets; identifying opportunities for improvement; and promoting effective business practices.

To maintain organizational independence, Internal Audit reports functionally to the Finance and Audit Committee of The University of Toledo Board of Trustees and administratively to the Office of Audit, Risk, and Compliance. In accordance with applicable professional internal auditing standards, Internal Audit develops an annual risk-based audit plan that is reviewed and approved by the Finance and Audit Committee.

Internal Audit communicates audit results and recommendations to appropriate University leadership and management and reports significant matters to the Finance and Audit Committee. Management is responsible for addressing identified issues, while Internal Audit monitors and reports on the status of agreed corrective actions to promote accountability and continuous improvement.