Diversity, Equity, and Inclusion (DEI) is important and is embedded in our organization here at the U in line with our DIRECCT values.

As it becomes more important industry wide to embed DEI in the culture of organizations, universities may find it challenging to strategically implement and monitor—from admissions to staff, including recruiting and retention. The field of Internal Audit has grown increasingly aware of the need to apply a DEI lens to Audit and Risk Assessments. Incorporating DEI in audits is not just about a standalone diversity audit, it's about culture. Per The Institute of Internal Auditors (IIA), audits should include DEI components to continuously assess this instead of waiting for something to happen. For example, culture risks assessed in regular audits could include Talent, Facilities' disabilities accommodations compliance, KPIs, use of endowment funds, and use of federal funds for contractor awards.

According to the IIA, a new report, "Diversity, Equity, and Inclusion 101: Internal Audit's Invaluable Role in Creating a Sense of Belonging at Work," from the Internal Audit Foundation and Deloitte, explains why it's essential for Internal Audit to be more involved in the organization's Environmental, Social, and Governance (ESG) efforts, and helps you get started today with tangible action items to add value and improve outcomes of DEI initiatives." Here are some takeaways:

1. Definitions of key terms like diversity, equity, inclusion, and anti-oppression are provided to help navigate confusing and often misused terminology.
2. Internal Audit's opportunity and obligation to foster a diverse, equitable, and inclusive culture starts within its own function.
3. Establishing metrics and monitoring the DEI program are critical actions to ensure the program is meeting strategic objectives.
4. Organizations need new ways to identify and manage DEI risks and examine business processes to expose strengths and deficiencies.
5. Take the first steps on how to address DEI efforts as an assurance provider, trusted advisor, or agent of change.

Download the full report here.

Feel free to access our internal controls self-assessment as a valuable tool to help identify internal control gaps and assist in departmental management and audit preparation. The self-assessment consists of a series of "yes" or "no" questions. "Yes" indicates adequate controls in an area, while "no" indicates potential control gaps that should be addressed. Please reach out to Audit and Advisory Services with any questions or for an opportunity to help assess your area.

The self-assessment can be accessed here. For questions not addressed in the self-assessment, please contact us.