There are five types of audits performed by the University's Internal Audit Department:
Financial audits focus primarily on accounting controls and include the review of ancillary functions such as financial statements, accounting systems, cash receipts and revenue collection procedures, procurement including the use of University purchasing cards, payrolls, management information systems, and security systems and procedures. The purpose of financial audits generally relates to integrity of systems and financial data.
Compliance audits determine the degree of adherence to University policies and procedures as well as compliance with relevant external financial standards such as sponsored program provisions or Internal Revenue Service requirements.
The auditing of computer application systems is usually conducted as an integral part of the financial audit. However, due to the increasing importance of the computer as a management support tool, specialized audits, especially in the areas of computer operating systems and operations, networking, telecommunications, and system acquisition, development, implementation, and maintenance are now taking place.
Operational audits review the principal operational functions of the University. These audits are undertaken for the purpose of assessing efficiency, economy, and effectiveness of management practices and controls associated with departmental activities. They have a strategic focus and are primarily concerned with the achievement of the University's fundamental objectives and goals.
Some internal audit activity takes the form of a special investigation. The objective of these investigations is to diagnose specific problem areas, determine whether further action is warranted, and perhaps prepare the way for subsequent review.
