- UVAFinance Compliance: Focuses on risk management and internal controls through a consultative and investigative approach. Works with internal and external auditors to ensure processes align with organizational goals and policies.
- Office of Audit & Compliance: Institutional Compliance: Ensures adherence to regulations and organizational policies using a charter-based program guided by federal standards. Maintains a compliance helpline to report suspected compliance concerns, which may be done anonymously if necessary. Facilitates collaboration across the University through a compliance network. UVA Audit: Internal audit plans are based on risk assessments and a two-year plan is approved annually in the June meeting of the Audit, Compliance, and Risk Committee of the Board of Visitors. The plan is updated as needed based on changes in organizational priorities or resources.
Both teams are partners in fostering a culture of accountability, collaboration, and effective risk management at UVA.
Key Points:
- Audit operates independently as assurance providers, advisors, and occasionally, investigators.
- Compliance integrates more directly with teams, helping implement solutions while upholding policies.
- Audit and Compliance are not just about "catching mistakes"; they aim to empower departments to achieve their goals effectively and safely.