»Frequently Asked Questions

Common elements of an internal audit engagement include the following:

• Scheduling an entrance conference to discuss audit objectives, timing, and intended report format and distribution.
• Evaluating internal control systems.
• Testing to ensure proper operation of internal control systems.
• Developing conclusions based on test results.
• Reviewing audit issues and draft audit reports with management and staff.
• Preparing and distributing an audit report which generally include management’s responses to the issues raised.
• Following up to ensure all issues raised in audit reports have been addressed.

For details of the above see the Audit Process.

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:

• Supply 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.

We perform a variety of services.  Here are the most common:

• Operational audits - we examine the use of unit resources to evaluate whether those resources are being used in the most effective and efficient manner to fulfill the University’s mission and objectives.
• Financial audits – we focus on accounting and reporting of financial transactions. The purpose of this type of audit is to verify that there are sufficient controls over cash and cash-like assets, and that there are adequate process controls over the acquisition and use of resources.
• Risk based departmental audits – we examine a broad range of risks and determine how they are being managed currently.
• Investigations – we attempt to provide guidance and assistance to address alleged fraud concerns.
• Consulting engagements – we are typically providing advice on some specific problem that management has asked for our assistance in solving.