Effective Sizing of Internal Audit Activities for Colleges & Universities A Research Whitepaper Prepared for The Institute of Internal Auditors, The Association of College and University Auditors, and The University of California System – Dept. of the Auditor Urton L. Anderson The University of Texas at Austin McCombs School of Business CBA 4M.202 Austin, Texas 78714 Urton.anderson@mccombs.utexas.edu Margaret H. Christ The University of Georgia J. M. Tull School of Accounting 240 Brooks Hall Athens, GA 30602 mchrist@uga.edu Karla M. Johnstone The University of Wisconsin – Madison Wisconsin School of Business 4289 Grainger Hall 975 Organization Avenue Madison, WI 53706 kjohnstone@bus.wisc.edu and Larry Rittenberg The University of Wisconsin – Madison Wisconsin School of Business Grainger Hall 975 Organization Avenue Madison, WI 53706 lrittenberg@bus.wisc.edu Acknowledgements: We thank the many internal audit professionals who provided their time and expertise in participating in our preliminary round-table discussions and in responding to our surveys. November 2009