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The Audit Process

Every area of the University is different; therefore, every internal audit is different. However, the process followed in conducting each audit consists of common elements including:

  • Opening conference to discuss audit objectives, scope, and timing.
  • Preliminary review consisting of information gathering and preliminary assessment of internal controls.
  • Testing to ensure the internal control structure is functioning as intended.
  • Exit meeting to review issues and potential report comments.
  • Draft audit report that contains proposed recommendations on internal control strengthening.
  • Management's written response, made within thirty days, to the draft recommendations.
  • Final audit report including management responses.
  • Summarized report of findings and management responses to the Board of Trustees Audit Visiting Committee.
  • Follow-up to verify the status of management's control improvements.
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