Internal Audit conducts an annual risk assessment, which includes identifying the audit universe (i.e, auditable entities, which takes into consideration financial, operational and compliance risks to the University). Based on the risk assessment and other risk factors (e.g., use of technology, prior audit observations), the annual audit plan is developed and approved by the Audit Committee of the Board of Trustees.
- Expect to understand the audit’s purpose and objective
- Expect to provide your ideas and concerns regarding the audit
- Expect to be treated with respect and courtesy
- Expect confidential information to remain confidential
- Expect to answer all questions honestly
- Expect to cooperate by presenting various supporting documents requested and by making pertinent personnel available for interviews and questions by Internal Audit
- Expect a two-way conversation on the observations and recommendations prior to the draft of the Final Audit Report
- Expect to receive a draft copy of the Final Audit Report prior to its release
The main items needed from you for a successful audit are cooperation and communication with the auditor. Here are some examples of what you can do to help the audit process:
- Provide all requested information on a timely basis
- Share any internal control concerns you have with the auditor
- As issues are communicated to you during the audit, begin thinking about potential corrective actions
- Provide a written response to the issues identified in the report, along with who will be responsible for implementing the corrective actions and when they will be completed
- Be proactive in monitoring the progress of the corrective actions and reporting them
Audits can last from a few days to several months, depending on the scope and objectives of the audit work.
Like any special project, an audit affects the area’s routine to some extent. Internal Audit will make every effort to minimize this disruption and cooperate with you to make the process as smooth as possible.
Absolutely, if you have questions on policies, procedures or best practices we will be glad to help. In some cases, we will know the answer to your question, but if we don’t, we will be glad to research the answer to your question.