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Audit office begins implementation of new international internal audit standards; emphasizes strategic plan and cybersecurity topical guidance
Summary
The system internal audit director reported progress implementing the International Professional Practices Framework and new global internal audit standards, including a gap analysis, updated engagement letters, a published strategic plan, and a workplan to address topical requirements such as cybersecurity and research‑security risks.
The audit committee received an update on implementation of the International Institute of Internal Auditors’ new global internal audit standards and the office’s 2025 strategic priorities.
System internal audit director Missus (Ms.) Turner told the committee the rewrite of the standards — the most extensive in more than two decades — reorganizes guidance into five domains, emphasizes relationships with boards and senior leadership, requires a strategic plan and adds “topical requirements” (mandatory guidance on subjects such as cybersecurity when auditors examine those areas). She said the office performed a gap analysis, updated internal manuals and engagement‑letter language, and has produced a strategic plan aligned to the new standards.
Turner said the committee’s peer review had noted the system’s existing strengths in board support, and that the audit office’s near‑term work includes a website refresh, a streamlined public report format, and updates to regents rule 07‑02 and the audit committee charter to align with the standards. She also flagged planned audit work linked to current state and federal priorities — foreign gifts and contract reporting, high‑performance computing controls, travel processes (including foreign travel) and research data security — and noted an investigation at Texas Tech University that led to removal of purchasing authority and a staff resignation after troubling transactions were identified.
Turner introduced Lubbock audit directors Jessica Wilson (Texas Tech University) and Matt Walsh (TTUHSC) and described recruitment and internship efforts to build pipeline capacity for the audit team. Committee members asked clarifying questions about interaction with SACSCOC reporting and how new standards relate to existing external financial statement review requirements; Turner confirmed the standards govern internal audit practice and the required external financial statement review remains a separate engagement performed by independent CPAs.
The committee accepted the update and directed the audit office to proceed with rule and charter revisions as needed.
