The State Board of Regents (BOR) provides governance and oversight to the university, but they have delegated their authority of developing policies and maintaining the control environment to the President. In turn, the President has delegated the authority of implementing policies and managing the control environment to the colleges and departments. The Office of Internal Audit does not have the authority or responsibility for writing policies or maintaining the control environment, but rather is responsible for monitoring the effectiveness of the university’s processes and control environment.

The Chief Audit Executive is appointed by the BOR and reports functionally to the Audit and Compliance Committee and administratively to the Executive Director of the BOR Office. All audit staff report directly to the CAE and as of July 1, 2021, are employees of the BOR Office. Audit activities and reports are communicated to the university presidents and the BOR. This reporting relationship promotes independence and provides adequate consideration of audit issues, recommendations, and management action plans.

The State Board of Regents has approved the Internal Audit Charter, which clearly defines Internal Audit's role and authority within the institution.