Office of the Vice President for Finance & Administration

Office of Internal Audit

The Office of Internal Audit provides independent and objective auditing and consulting services to Saint Joseph’s University to evaluate strategy, operations, reporting, and compliance management systems. With foresight and collaboration, we work to support the University's mission and strategic priorities. Our goal is to help operating units achieve their objectives and make informed decisions through proactive risk identification, assessment, and response.

Under the direction of Chris Garrity, Director of Internal Audit, the University's Finance and Audit Committee, and the VPFA, the Office of Internal Audit is supported by a co-source partner that offers on-demand staffing and subject matter expertise to assist with risk management and audit projects and can handle requests to provide advice regarding controls, policies, or processes.

SOURCES OF THE ANNUAL PLAN

Internal Audit’s primary means of serving our customers is the annual audit plan. Each fiscal year the Director of Internal Audit prepares an audit plan for approval by the Finance & Audit Committee of the Board of Trustees. The sources used to prepare the annual plan include, but are not limited to the following:

  1. University and departmental risk assessments
  2. Requests from the Finance & Audit Committee and management
  3. Prior audits and / or historical trends regarding governance, risk, and compliance management issues and goals
  4. Information from external sources, e.g., the University’s external auditor for its financial statements
  5. Federal and local oversight or regulatory trends
  6. University business cycles, e.g., student accounts, IT systems, and grant management
  7. New or significant University initiatives
  8. Feedback or information from Faculty, Staff, or other persons highlighting compliance concerns
  9. Known or suspected high risk financial, legal, compliance, or reputational issues

RISK EXPOSURE AND AUDIT COVERAGE

The sources described above create an audit universe. The number and significance of events captured in the audit universe could be numerous. Events are prioritized and matched against audit resources. In addition, a certain amount of audit resources are reserved for special projects or emerging issues, e.g., investigations. However, in any one fiscal year and over a three year planning cycle, audits attempt to address the University’s significant risk exposures. University risk exposure areas may include: asset protection, liability management, legal/regulatory compliance, data integrity and security, process improvement, financial reporting, and business continuity.

AUDIT OPERATIONS

See the Chronology of an Audit for a description of how an audit is implemented and audit reports issued.

 External Resources

Best practices for risk management and strengthening internal controls

COSO
The Institute of Internal Auditors

 

Contact Us

If you have any questions or would like to seek Internal Audit advice or assistance, please contact Chris at (610) 660-1354 or cgarrity@sju.edu. Internal Audit’s office is located at the University’s 219 City Avenue location. We are here to help!

Chris Garrity
Christopher S. Garrity
Director
Financial Affairs
Internal Audit
(610) 660-1354