Purpose

The Operations Analysis Department is the internal auditing function for the University of Nebraska - Lincoln. The Department's role is to provide independent, objective assurance and consulting services designed to add value and improve the University's operations. The Operations Analysis Department helps the University accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, controls, and governance processes.

Authorty and Scope

Operations Analysis is authorized by the Chancellor - University of Nebraska - Lincoln, and the Vice Chancellor for Business and Finance, to provide a comprehensive program of internal audit, consulting, and assurance activities throughout the University.

Operations Analysis has full, free, and unrestricted access to all University operations, property, personnel, and records as needed to fulfill its assigned responsibilities.

Operations Analysis has no direct responsibility or management authority over University operations or staff that are, or may be, reviewed by Operations Analysis as part of its assigned responsibilities.

Reporting Hierarchy and Independence

Operations Analysis reports administratively to the Vice Chancellor for Business and Finance, University of Nebraska-Lincoln. Operations Analysis reports to the Audit Committee of the University of Nebraska Board of Regents regarding the process and content of internal audit reports.

Audit and assurance activities involving the ofices of the Vice Chancellor for Business and Finance, or the Chancellor, are reported directly to the Vice President - Business and Finance. Any actual or perceived conflicts of interest that are disclosed th:ough its regular activities or other sources, which involve the Vice Chancellor for Business and Finance, or the Chancellor, also are reported to the Vice President - Business and Finance.

Responsibilities of Operations Analysis

Operations Analysis fulfills its purpose and responsibilities through performance of the following:

• Perform reviews of University departments, activities, and functions to:
  1. Determine compliance with University policies and procedures, state and federal laws, and other regulatory requirements;
  2. Evaluate stewardship of resources;
  3. Evaluate the efficiency and effectiveness of the University's fiscal management and operating systems;
  4. Evaluate the adequacy and effectiveness of the University's financial, managerial, and operating controls;
  5. Determine whether program results are consistent with established objectives; and
  6. Provide administration with recommended actions to be taken by administration to improve University operations and internal controls.
• Prepare and issue timely summary reports of the results of reviews performed,
• Advise and consult with administration on financial and management issues, sound business practices, and internal control requirements.
• Provide, or assist in developing and presenting, training programs for faculty, staff, and students on topics of financial management, fraud risk mitigation, regulatory and operational compliance, and resource management.
• Perform special reviews, research, and fraud investigations as needed or requested by the University's administration.
• Follow up and report on status of implementation of recommended actions to be taken by administration to address operational, compliance, and internal control issues identified.
• Provide an annual report of Operations Analysis' activities to the Vice Chancellor for Business and Finance, the Chancellor, and the Audit Committee of the University of Nebraska Board of Regents.

Responsibilities of Administration

Operations Analysis has no direct responsibility for, or authority over, any of the activities and operations reviewed. As a result, the activities of Operations Analysis do not relieve University administration of the responsibilities assigned to it.

Administration is responsible for ensuring that systems of internal control are in place, good business practices are implemented and followed in all areas, and fraud risks are identified and mitigated. This provides assurance that financiai information and otiner management information are reliable, that University resources are used efficiently and effectively, and that the potential for fraud is minimized.

Administration provides a written response to report recommendations issued within time frames requested by Operations Analysis. Administration is responsible to address issues identified by implementing recommendations or agreed-upon corrective action plans.

AUTHORIZING SIGNATURES