We hold ourselves to the highest standards in the internal audit industry and adhere to stringent professional principles. In 2022, an outside firm audited us, and we’re proud to have received a top rating.
Standards
We perform all work according to the Global Internal Audit Standards issued by the Institute of Internal Auditors (IIA). These standards, which provide a framework for conducting internal audits and advisory (consulting) services, require demonstrating integrity, objectivity, independence and competency when delivering reviews.
Professional principles
We strengthen our team and evolve our work processes through an ongoing audit quality program, including:
- Professional development: We support our team’s efforts to pursue relevant professional certifications, participate in training, and attend industry conferences and seminars to enhance their knowledge and skills.
- Speaking engagements: Team members are encouraged to share expertise as speakers at local, regional and national professional conferences and events.
- Post-engagement surveys: After every audit, we solicit feedback from our clients and use this insight to improve our operations.
Continuous improvement
A regular program based on self-assessment provides opportunity for enhancement of practices. Internal activities include:
- Analyzing completed audits and comparing them to our standards.
- Evaluating post engagement client surveys and using feedback to refine priorities.
- Periodically reviewing audit practices and approach to promote continuing compliance with the IIA Standards.
External evaluation
We get audited too. In 2022, an independent firm performed a quality assessment review of the Audit Division. We received a top rating for conforming to the International Standards for the Professional Practice of Internal Auditing. We were also recognized as a well-established function that delivers value to the MIT community and contributes to the Institute’s mission and governance.
The firm noted these key strengths in its final report:
- Robust and collaborative communication.
- Adherence to the IIA Standards.
- Highly professional and skilled team.
- Consistent and concise reports.
Roles and responsibilities
Within the Audit Division, the Audit Director is focused on improving our service delivery and ensuring the effectiveness of everything we do.
Responsibilities include:
- Keeping up to date about audit trends and practices and how they apply to our work.
- Aligning our processes to meet professional guidelines.
- Researching and organizing professional development.
- Leading development and implementation of our strategic plan.
Strategic Plan
We are committed to a strategic plan for the Audit Division that aligns with the Institute’s goals and supports expectations of interested parties. The plan outlines a path to achieve overall objectives and includes a vision statement supporting the Audit Division as well as planned initiatives for success.
Questions about audit quality or strategy?
Martha Jane Gagnon, Audit Director
mjk@mit.edu
617.253.9720