Stakeholders and Scope of Work
We report directly to the Audit and Compliance Committee of the Board of Trustees and report administratively to the Chief Financial Officer to provide these services:
Our key stakeholders include, but are not limited to, the following:
- Audit and Compliance Committee of the Board of Trustees
- NYU Washington Square
- Portal Campuses (i.e., NYU Abu Dhabi, NYU Shanghai)
- Global Academic Centers
- University Leadership Teams
- University Administrators
- External Auditors
We collaborate with key stakeholders to identify and agree upon the scope of internal audit activities that will provide the most value to the NYU community. The scope of our work helps us determine whether the University's network of risk management, control and governance processes are implemented and functioning in a way that addresses the following:
- Leverage Enterprise Risk Management and the Office of Compliance Risk Management to ensure the risk universe is identified and assessed.
- Verify governance framework is embedded in the processes to ensure transparency and accountability.
- Ensure financial and operating information is accurate, reliable and timely.
- Review activities and transactions to assess compliance with policies, standards, procedures and applicable laws and regulations.
- Verify resources and assets are acquired economically, used efficiently, and protected.
- Assess the security and reliability of Information Technology systems and processes.
Who is responsible for Risk Management?
Risk management is the responsibility of all members of the NYU community.
Internal Audit is responsible for an independent and collaborative assessment of risks - a risk assessment which helps develop a risk-based audit plan that is presented and approved by the Audit and Compliance Committee of the University’s Board of Trustees.
We coordinate with other risk management functions at the University to minimize duplication.