Internal Audit

Internal Audit

Welcome to Drew University’s Office of Internal Audit

As part of our ongoing commitment to ensuring an environment of strong corporate governance, risk management, compliance and internal controls, Drew has retained the services of CohnReznick LLP (‘CohnReznick”) to serve as the University’s internal auditors.  Among their first projects, they conducted a comprehensive enterprise-wide risk assessment.  The objective of the review was to evaluate the inherent risk exposures relating to the University’s governance, operations, and information systems in relation to the:

  • Reliability and integrity of financial and operational information
  • Effectiveness and efficiency of operations
  • Safeguarding of assets
  • Compliance with laws, regulations, and contracts

The purpose of the risk assessments is to:

  • Identify the threats and vulnerabilities from both internal and external forces that could impact the achievement of the University’s business objectives
  • Identify risk items that should be addressed by University managers and stake holders
  • Provide the foundation for developing a robust internal audit plan
  • Provide assurance that the internal audit plan has been properly designed to validate that the risks have been mitigated to an acceptable level of exposure

CohnReznick will examine many areas of potential risk and take into consideration both internal and external factors that could influence events affecting the University’s operations.  Among these factors are:

  • External (Economic, Environmental, Social, Reputation, Regulatory)
  • Internal (Infrastructure, Personnel, Process Related, Technology, Reputation)

Each year, with the advice and approval of the Trustees’ Audit Committee, CohnReznick identifies three to five University departments for participation in the yearly internal audit program.

The internal audit function assists the University administration and the Board Audit Committee with monitoring, evaluating, examining, reporting and recommending improvements related to risks, business processes, and internal controls.

The process will involve CohnReznick internal audit subject matter partners and senior managers along with University management and advisors.

What to expect when your department has been selected:

An audit is broken down into four parts:

  1. Planning – Interviews with various department personnel are conducted to gather information. This information is used to get a picture of the various functions and processes within the audited department.
  2. Field work- Based upon the information provided, sample tests are performed to measure the effectiveness of the information and data.
  3. Reporting-The information gathered will be compiled into a usable reporting tools that will provide feedback and suggestions for process improvement.
  4. Follow-up- If issues are identified, there will be follow up with the department within a reasonable time frame to mitigate the concern.

For additional information, please contact Finance and Administration at 973-408-3064.