There shall be an Internal Auditor, appointed by the Board of Control upon recommendation by the President.

The Internal Auditor shall:

1. Conduct audits of any or all accounts of the institution in all departments and locations, including agency accounts, for the purpose of confirming the accuracy of accounts, the proper authorization of expenditures, the adequacy of business procedures, and all other matters related to the propriety of the institution's fiscal policies and operations. In the exercise of the duties, the Internal Auditor shall have free and unquestioned access to all records and other information concerned with financial affairs and with the custody, control, and use of supplies, materials, and other property belonging to the University or used under its direction.
2. Recommend changes or improvements in the University's business systems, methods, and practices, for the purpose of improved efficiency.

The position of Internal Auditor derives its authority from the Board of Control. The Internal Auditor reports directly to the Board of Control and reports daily to the Secretary of the Board of Control. The Internal Auditor's work shall be under the general direction and supervision of the Secretary to the Board of Control of the University, except that the Auditor shall have the authority to choose the areas to be examined and the order and timing of audits.

A copy of each individual audit report issued by the Internal Auditor will be submitted to the Chair of the Board of Control. Copies of the audit reports will be furnished to other members of the Board, including the President of the University, the Board Secretary, and the Treasurer. Periodic audit recommendation status reports will also be prepared by the Internal Auditor and addressed to the Chair of the Board of Control. Copies of the status reports will be furnished to other members of the Board, including the President of the University, the Board Secretary, and the Treasurer.

If at any time the Internal Auditor finds any evidence of defalcations or of serious misuse of University assets, a written report of such findings shall immediately be sent to the above officials.

The Board of Control will meet with the Internal Auditor at such times as the Board may determine, but at least once a year, to discuss Internal Audit operations.