Areas selected for audit are identified either by recommendations of board members, department heads, campus employees, or through our own risk assessments. Internal audit will then begin correspondence with the department to schedule an opening meeting. The auditor will also discuss the scope, timing and objectives with management and begin gathering preliminary information. Planning steps include:
Notification letter provided to department
Review prior audits if any
Introductory meeting held with manager and other department team members
Internal control or self-assessment questionnaire filled out
Information request list provided to department
Upon Internal Audit's arrival, an opening meeting is conducted with management. The meeting will cover the scope and give the employees a chance to discuss their concern with the auditors. Timing of the audit will also be discussed in the meeting. Please inform Internal Audit of any timing or scheduling issues that could affect the audit as soon as possible.
During fieldwork, the auditor gains an understanding of the department’s operations and evaluates the efficiency and effectiveness of internal controls by performing various audit procedures. All findings are discussed with management as part of the exit meeting. Fieldwork process may include a combination of the following:
Interviews with key personnel
Observation of processes and procedures
Sampling, testing, re-performance and verification
When the fieldwork is completed, Internal Audit will host an exit meeting to discuss any findings and to give management an opportunity to respond to the findings. The individuals that should be in attendance are all individuals who were in the opening meeting.
Upon completion of fieldwork the auditor will document any identified findings and recommendations. Management will have the opportunity to review the report in draft form and respond accordingly before the final audit report is issued and distributed to all appropriate parties. The reporting process includes:
Discussion draft report to management
Final report and distribution
If the audit results in necessary corrective action, a follow up audit may be scheduled in subsequent months to determine the status of the action plan. In some cases of minor findings a follow up meeting or minor walk through procedures may be all that is required. The internal auditor will work in collaboration with management to identify the best course of action in order to improve operational success.