Internal Audit Department

Internal Audit Department

Internal Audit Department

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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