Internal Audit Charter   - UNDER CONSTRUCTION

Role
The Yale University Audit Department functions as an independent resource for monitoring internal controls within Yale serving the Yale Corporation Audit Committee, the Yale University Audit Committee, and the Officers of Yale University. The department's primary role is to provide audit, oversight, and advisory services.

Responsibility
The University Audit Department is responsible for conducting internal audits and evaluations of Yale's system of internal controls. The audits will include assessments of the reliability of departmental financial information, compliance with University policies and procedures, compliance with laws and regulations, safeguarding of assets and the effectiveness and efficiency of operations. In addition, University Audit may provide consulting services within the University concerning issues related to internal controls, special investigations, and other areas of interest and concern.

Independence
In order to maintain an effective spirit of independence and objectivity, the University Audit Department should not have day-to-day operating responsibilities for management processes or internal controls. Exceptions will be assessed on a case by case basis.

Authority
The University Audit Department has full, free, and unrestricted access to all University information, documents, records, and personnel in conjunction with audit activities. Information obtained during the course of audit activities will be held with appropriate confidentiality.

Reporting Relationships
The Director of University Audit reports to the Vice President for Finance and Administration. The Director of University Audit will be a regular participant in University and Corporation Audit Committee meetings and have direct access to committee members and all Officers of Yale Corporation when circumstances warrant such communication.

Coordintation with External Auditors
The scope and objectives of an external financial audit are different from the scope and objectives of an internal audit. However in view of the fact that both internal and external auditors evaluate and test internal controls, coordination of audit activities is important and beneficial to Yale. The Director of University Audit will work with external auditors in coordinating audit activities.