INTERNAL AUDIT DEFINED:
Internal Auditing is an independent and objective assurance and consulting activity that is guided by the philosophy of adding value by improving the operations of Prince William County. It assists the County in accomplishing its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the organization's risk management, internal control, and governance processes.
ROLE and DEFINITION:
The Internal Audit Function is established by the BOCS or designated oversight sub-committee. Internal Audit activities and responsibilities are defined by the BOCS as part of their oversight role.
MISSION AND SCOPE OF WORK:
The mission of the internal audit function is to independently examine and evaluate the ongoing control processes of the County and to provide counsel and recommendations for improvement whenever they are identified. The scope of the internal auditing function is to ascertain that the County’s network of control processes, as designed and represented by management, is adequate and functioning in a manner to ascertain whether:
Risks are appropriately identified and managed;
Interaction with the various governance groups occurs as needed;
Significant financial, managerial, and operating information is accurate, reliable and timely;
Employee’s actions are in compliance with policies, standards, procedures, and applicable laws and regulations;
Interactions and arrangements with third parties, including contractors and joint ventures, are in compliance with policies, standards, procedures, and applicable laws and regulations;
Resources are acquired economically, used efficiently, and adequately protected;
Programs, plans, and objectives are achieved;
Quality and continuous improvement are fostered in the organization’s control process; and
Legislative or regulatory compliance issues impacting the organization are recognized and addressed appropriately.
Opportunities for improving efficiency and effectiveness of operations and image of the organization, which may be identified during audits are communicated to the appropriate level of management.
The County’s internal audit function has been outsourced to McGladrey, a leading provider of assurance and consulting services to governments. A BOCS approved organization chart has been developed designating the reporting lines of the Internal Auditors and the County’s Audit Administrator.; The BOCS Audit Committee sets the direction for the Internal Auditors and has ultimate oversight of the Function. The Internal Auditors report directly to the BOCS through the Board of County Supervisors’ Audit Committee.
The Internal Auditors communicate and interact directly with the BOCS, including in executive sessions and between BOCS meetings as appropriate.