UT System Policy UTS 129, Internal Audit Activities, clarifies the roles of Institutional Compliance and Internal Audit in managing institutional risks.
Internal Audit's Relationship to the Institutional Compliance Function
Internal Audit is an independent function of the governance process of the University of Texas System. It provides periodic assurance to the Board of Regents and executive management on the institution's ability to achieve its objectives.
Compliance is a function of management and is part of the control structure of the organization, whereas internal auditing is a function independent of management and evaluates the control structure - a key difference between the two functions.
Internal Audit may provide consulting and assurance services to the Compliance function. Consulting services may include: providing information and best practices in the design of the Compliance function; providing advice and information in the design of monitoring plans; providing training and educational services; and providing facilitation services for self-assessments of the Compliance function. Assurance services may include: audits of the Compliance program design; audits of the Compliance monitoring plans; audits of Compliance issues; and inspections of the monitoring plans.
For additional information on UT Permian Basin's Institutional Compliance Program, please visit their website.