Internal Controls and Management Analysis

The Executive Director of Internal Controls and Management Analysis will ensure that the Internal Audit Department remains free from all conditions that threaten the ability of internal auditors to carry out their responsibilities in an unbiased manner, including matters of audit selection, scope, procedures, frequency, timing, and report content.

Internal auditors will maintain an unbiased mental attitude that allows them to perform engagements objectively and in such a manner that they believe in their work product, that no quality compromises are made, and that they do not subordinate their judgment on audit matters to others.

In order to foster objectivity, Internal Audit has neither direct responsibility for, nor authority over, any of the operations or activities, which it reviews. Internal Audit may however serve in an advisory role in support of management planning and/or activities in such areas as policies, procedures, and corrective action plans.

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The scope of internal audit activities encompasses, but is not limited to, objective examinations of evidence for the purpose of providing independent assessments to the Board Audit Committee, management, and outside parties on the adequacy and effectiveness of governance, risk management, and control processes for FIT.

If your department receives an inquiry, email or formal request regarding a review or audit, please contact Internal Audit at (212) 217-3255 immediately. Examples of agencies that monitor various activities at FIT are US Department of Education, State Comptroller’s Office, State Department of Labor and SUNY Administration.

We will act as a liaison with the auditors, and will assist you in formulating a plan for responding to the audit.

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Internal audit assessments include evaluating whether:

• risks relating to the achievement of FIT’s strategic objectives are identified and appropriately managed;
• the results of operations or programs are consistent with established goals and objectives;
• operations or programs are being carried out effectively and efficiently;
• established processes and systems enable compliance with the policies, procedures, laws, and regulations that could significantly impact FIT; and
• information and the means used to identify, measure, analyze, classify, and report such information are reliable and have integrity.

The Executive Director of Internal Controls and Management Analysis will report periodically to senior management and the Board Audit Committee regarding:

• status of the annual Audit Plan;
• significant risk exposures and control issues, including fraud risks, governance issues, and other matters requiring the attention of, or requested by, the Board Audit Committee;
• results of audit engagements and other activities;
• results of federal, New York State, SUNY, or other regulatory audits or reviews;
• resource requirements; and
• any response to risk by management that may be unacceptable to FIT.

Opportunities for improving the efficiency of governance, risk management, and control processes that are identified during engagements will be communicated to the appropriate level of management.

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The Executive Director of Internal Controls and Management Analysis has the responsibility to perform a number of key duties.

• Submit, at least annually, to senior management and the Board Audit Committee a risk-based Audit Plan for review and approval.
• Communicate to senior management and the Board Audit Committee the impact of resource limitations on the internal audit plan.
• Develop and execute a comprehensive audit program to evaluate the effectiveness and efficiency of administrative and financial controls, and correctness and reliability of data.
• Review and adjust the internal audit plan, as necessary, in response to changes in FIT’s business, risks, operations, programs, systems, and controls.
• Modify the scope of audits in accordance with observations during the audit process.
• Prepare and submit audit reports documenting the results of examinations, including observations and recommendations, to the administrator of the unit audited, and senior administrators as appropriate. 
• Monitor the implementation of audit recommendations through a follow-up program.
• Perform ad hoc reviews requested by the President, Deputy to the President, and Senior Administrators.
• Perform reviews of campus-affiliated organizations and contractors as required.
• Perform reviews as a member of the Compliance team, including field review of issues and concerns identified by the Compliance Officer.
• Proactively communicate to the President, Deputy to the President, Senior Management, and Compliance Officer the status of audit projects, and observations or evidence of emerging issues noted as part of the ongoing audit process.
• Participate on relevant committees and ad hoc working groups in an advisory capacity.
• Ensure each engagement of the internal audit plan is executed, including the establishment of objectives and scope, the assignment of appropriate and adequately supervised resources, the documentation of work programs and testing results, and the communication of engagement results with applicable conclusions and recommendations to appropriate parties.
• Ensure that the Internal Audit function collectively possesses or obtains the knowledge, skills, and other competencies needed to meet the requirements of the internal audit charter.
• Communicate to senior management and the Board Audit Committee trends and emerging issues that could impact FIT, as appropriate.
• Ensure emerging trends and successful practices in internal auditing are considered.
• Establish and ensure adherence to policies and procedures designed to guide the Internal Audit Department.

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