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The University Audit department functions as an independent resource that provides 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. Extract data from financial systems 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 and university management 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.