The Office of Internal Audit Services works in collaboration with management to provide independent appraisals, recommendations, analyses, and other pertinent comments on the financial and operational controls of all offices and is also expected to recommend changes in procedures that might improve efficiencies and reduce or eliminate duplicate effort.

Internal Audit maintains an independent role within the RF for the review and evaluation of financial and operational functions. In this role, Internal Audit performs examinations following a defined audit process to determine compliance with established policies, procedures, sponsor regulations, contractual terms, and sound business practices. We perform our audits based on an annual audit plan using appropriate risk-based methodology, as well as at the request of the Board and management. 

Finally, Internal Audit works in collaboration with the Compliance Office to investigate fraud related matters that are either identified through the RF Ethics Hotline or brought to RF Internal Audit’s attention via the RF Fraud reporting policy or identified during the normal audit process. Internal Audit will notify appropriate RF management and audit committee members of the results of investigations.

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