The North Carolina School of Science and Mathematics (NCSSM) is required by North Carolina General Statute §143-746 to maintain an internal audit function. The internal audit function serves the Board of Trustees (Board) and NCSSM as an independent, objective assurance and advisory service designed to add value and improve operations. Internal Audit reports functionally to the Board of Trustees through the Fiscal, Audit and Human Resources (FAHR) Committee and reports administratively to the Chancellor.
Mission
The mission of Internal Audit is to enhance and protect institutional value by providing risk-based and objective assurance, advice and insight.
Vision
Internal Audit aspires to be a known, trusted advisory on governance, risk management, and internal controls for the North Carolina School of Science and Mathematics.
Purpose
Internal Audit strengthens NCSSM’s ability to create, protect, and sustain value by providing the Board and management with independent, risk-based, and objective assurance, advice, insight, and foresight.
Standards
Our work is conducted and managed in accordance with The Institute of Internal Auditors’ (IIA’s) Global Internal Audit Standards (Standards). The Standards set forth principles, requirements, considerations, and examples for the professional practice of internal audit globally.
Ethics and Professionalism
Internal Audit adheres to the Global Internal Audit Standards Domain II: Ethics and Professionalism. As such, Internal Audit applies and upholds the following principles:
- Demonstrate Integrity – Integrity is behavior characterized by adherence to moral and ethical principles, including demonstrating honesty and the courage to tell the truth and do the right thing.
- Maintain Objectivity – Objectivity is an unbiased mental attitude that allows internal auditors to make professional judgments, fulfill their responsibilities, and achieve the Purpose of Internal Auditing without compromise.
- Demonstrate Competency – Demonstrating competency requires developing and applying the knowledge, skills, and abilities to provide successful internal audit services.
- Exercise Due Professional Care – Due professional care requires conformance with the Global Internal Audit Standards as well as planning and performing internal audit services with the diligence, judgment, and skepticism possessed by prudent and competent internal auditors.
- Maintain Confidentiality – Internal auditors must respect the value and ownership of information they receive by using it only for professional purposes and protecting it from unauthorized access or disclosure, internally and externally.
Quality of Work
The IIA’s Global Internal Audit Standards require that Internal Audit develops, implements, and maintains a quality assurance and improvement program that covers all aspects of the internal audit function. The program includes two types of assessments:
- Internal Assessments
- External Assessments
The Standards require Internal Audit to establish a methodology for internal assessments that includes: ongoing monitoring (i.e., day-to-day supervision, review and measurement of internal audit work); periodic self-assessments to evaluate conformance with the Standards; developing action plans to address instances of nonconformance or opportunities for improvement; and communication with the Board and senior management about the results of internal assessments.
The Standards require external assessments to be performed at least once every five years by a qualified, independent assessor or assessment team to measure Internal Audit’s conformance with the Standards and compliance with laws relevant to internal auditing. The Internal Audit Office had external quality assessment reviews in 2019 and 2024 and achieved the highest possible rating on both external assessments.
Scope of Work
In accordance with the internal audit charter, North Carolina General Statutes §116-40.7 and §143-748, internal auditors have unrestricted access to all records, assets, and other resources of the organization, which are necessary to accomplish its objectives. Internal Audit ensures the safekeeping and confidentiality of all records and information used during an engagement to the extent provided by North Carolina General Statute §116-40.7 and other applicable laws.
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