Download Summary of Audit Process

Summary of Audit Process
Annual Audit Plan
On an annual basis, Internal Audit Services (IAS) prepares
an Audit Plan which identifies audits and advisory services to
be performed during the upcoming fiscal year at the Campus
and Health System. The Audit Plan is risk based, and is
developed through a combination of interviews with senior
and executive management, a survey of managers and
administrative personnel, IAS consideration of other internal
and external factors, and risk ranking of potential audit
topics throughout the Campus and Health System.
Client Notification
Prior to the start of an audit or advisory service project, an
email is sent to the client notifying them of the scheduled
project. An entrance conference is held to discuss project
objectives and scope, and to obtain client input regarding
areas of focus or concern.
Preliminary Survey
During the preliminary survey phase of the project, the
auditor is obtaining an understanding of the audit client in
order to develop a risk based audit plan that includes
specific objectives for the engagement. The preliminary
survey phase may involve obtaining organization charts;
interviewing client personnel; learning about process flows;
reviewing applicable policies, laws and regulations; and
other steps necessary to appropriately focus the project.
Fieldwork
During the fieldwork phase of the project, the auditor is
gathering, analyzing, evaluating and documenting
information. Work performed during the fieldwork phase
may include detail data analysis; review of financial records;
observation of business processes; surveys of stakeholders;
and other testing necessary to achieve the engagement
objectives identified during the preliminary survey phase.
Reporting
Draft Report - At the conclusion of project fieldwork, a draft
report is provided to client management. The draft report
summarizes significant observations made during the
project, as well as recommendations for corrective action.
(Observations and recommendations are normally vetted
informally with applicable managers prior to issuance of the
draft report.)
Exit Meeting – Subsequent to issuance of the draft report an
exit meeting is held with client management. At that time,
the draft report is reviewed with the goal of agreeing upon
management corrective actions (MCAs) and related
implementation dates to address report observations.
Final Report – A final report is issued to client management
once all outstanding questions and issues from the draft
report have been resolved. Distribution of the report is
dependent on the type of project.
Follow-Up
IAS follows-up on all outstanding MCAs to ensure they are
implemented by the agreed upon date. Monthly reports
detailing current, past due and closed MCAs are sent to
applicable Deans and Vice Chancellors on a monthly basis.