Other Audit Functions at the University
Audits are performed at the University by external firms and other internal departments not affiliated with the Office of Internal Audit, some of which are outlined below.
External Financial Statement Auditors
The Board of Regents hires external auditors to conduct an annual audit of the University's financial statements. The two main differences between external and internal auditors are the relationship to the University and their scope of work. An external audit firm is engaged by the Board of Regents to conduct an annual audit of the publicly released financial statements. In comparison, internal auditors, while independent of the operations have a comprehensive scope inclusive of both financial and non-financial areas. Both external and internal audit teams adhere to code of ethics and professional standards.
ISO 9001 Auditors
The following departments of Memorial University have implemented a quality management system based on the International Organization for Standardization (ISO 9001):
- Marine Institute (certified 2001)
- Centre for Innovation in Teaching and Learning (certified 2008)
- Technical Services (certified 2014)
- Division of Marketing and Communications (in development)
Internal employees follow their established audit schedule to conduct internal audits within those departments to verify conformance to applicable standards and documented procedures; to verify effectiveness of processes in the system; and to identify opportunities to improve the system. The basic purpose of these audits and ISO 9001 certification is to improve the business through standardization and controlled processes. In addition to the internal audits, on a regular basis, an independent external company conducts an audit of the quality management program.
Environmental Health & Safety office conducts audits of University facilities to ensure compliance with regulations, standards and codes.