The ever-changing landscape of higher education requires institutions to consciously maximize the relationship between Internal Audit (IA) and Compliance functions. Institutions are placing greater emphasis on promoting collaboration across the function responsible for assessing risks and those that work to mitigate risks and perform compliance activities. Leadership recognizes that these functions are increasingly critical to enable the achievement of institutional strategic objectives.
In this webinar, we will provide an overview of common structures and relationships between IA and Compliance, industry leading practices for collaborating across functions and communicating with the Board of Trustees and the Audit Committee, and options for how IA can provide meaningful and participatory oversight and assurance in support of the Compliance function.
Key learning objectives:
- Understand the characteristics, advantages, and disadvantages of several IA and Compliance structures
- Implement leading practices for institutional collaboration between IA and Compliance functions
- Apply effective methods for IA and Compliance to coordinate communications with the Board of Trustees and Audit Committee
- Consider how IA can provide objective assurance and monitoring for the Compliance function
For more information on this topic, or to learn how Baker Tilly higher education specialists can help, contact our team.