The College requires the Internal Auditor provide at least the minimum services described, but the services actually provided by the Internal Auditor as listed in its proposal are not limited by this Scope of Work. Specifically, the College requires the Internal Auditor to: 1. Comply with all applicable regulations, standards, and College policies in performing Internal Audit Services; 2. Include in the Scope of Work the approximate number of hours and cost to conduct a risk assessment of the College’s operations. The assessment should, using both quantitative and qualitative factors, assess the impact and likelihood of risks to the College in consideration of internal controls; 3. Evaluate a minimum of two (2) operational areas/programs within the College over a twelve-month period. Please note this may waived by the College during the initial year depending on when the agreement is executed; 4. At the conclusion of each engagement, issue a written report addressed to, at a minimum, the board of trustees, chancellor, chief financial officer, and leadership of the operational area audited. Reports shall include an executive summary, scope, background, major findings, and recommendations for corrective action along with management responses; 5. At least annually, make a presentation, in-person or virtual, to the board of trustees covering areas such as the risk assessment, engagement results, recommendations for control improvement, etc. The Internal Auditor should also provide the board any recommendations for improvement to the internal audit activity; 6. In the event of suspected fraud, waste, or abuse by a College employee, to immediately submit a report to the College’s ethics hotline; 7. Retain all working papers and reports, at the Internal Auditor’s expense, for the required period in accordance with State of Missouri record retention guidelines; and, 8. Respond to reasonable requests of successor auditors and permit such auditors access to review documentation to matters of significance. Additionally, the Internal Auditor shall make available audit documentation (including working papers) available to the College upon request and to designated third parties of the College with prior written authorization.
