The University Audit department functions as an independent resource that can provide audit, oversight, and advisory services. All information obtained during an audit is kept appropriately confidential.
An audit utilizes a variety of audit techniques to gather both quantitative and qualitative information concerning the department being reviewed, in the following stages:
- Planning: Develop a preliminary assessment of the control environment and set the scope of the fieldwork. Discuss department goals and objectives, identifying risks, and controls mitigating the risks.
- Analytical Review: Extract data from Oracle to assist in developing our focus for test-work.
- Fieldwork: Review the details supporting various selected transactions and items noted during the analytical review process.
- Reporting: Provide feedback to department management and certain Officer's on potential risks and opportunities for improvement noted during the engagement.
The audit process is a collaborative effort, allowing departments the opportunity to participate in all stages. The process works best when the department's management and the auditors have a solid working relationship based on clear and continuing communication.
- Internal Control Evaluation: Review the internal control practices of the department, evaluating effectiveness in controlling financial transactions.
- Internal Policy Compliance: Review of compliance with University policies and procedures.
- Regulatory Policy Compliance: Review of compliance with external regulatory requirements.
- Process improvement: Evaluate business process to determine efficiency and effectiveness of operations.
Last Updated: November 17, 2008 (vm).