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Audit Process

Planning

The auditor will review any prior audits in your area and professional literature. The auditor will research applicable policies and statutes and prepare a basic audit program to follow.

Notification 

The auditor will notify the appropriate department or departmental personnel regarding the upcoming audit and its purpose, at which time an entrance conference will be scheduled.

Entrance Conference 

The entrance conference will include management and any administrative personnel involved in the audit. The audit's purpose and objectives will be discussed as well as the audit program. The audit program may be adjusted based on the information obtained during this meeting.

Preliminary Work and Planning 

The audit program is further developed using knowledge and information obtained during this process. The auditor will gain an understanding of the operation from responses from the internal control questionnaire, interviews with key personnel, and walk-throughs of key processes. Based on this initial assessment of risks and controls, tests to determine whether controls are operating effectively will be developed.

Fieldwork 

This step includes the testing to be performed as well as follow-up interviews with appropriate department personnel as necessary.

Report Drafting 

After the fieldwork is completed, a report is drafted. The report includes such areas as the objective and scope of the audit, relevant background, and the findings and recommendations for correction or improvement.

Exit Conference

After the draft report is submitted for review, a meeting is scheduled with department management to discuss the draft audit report. This is a time for questions and clarifications. Department management should suggest any changes or corrections to the draft audit report.  Results of other audit procedures not discussed in the report will be communicated.

Management Responses 

Management will be requested to provide written responses to each audit recommendation which should include personnel responsible for implementation and expected implementation dates. Management Responses must be approved by the Provost or the VP associated with the department under audit.

Final Audit Report Distribution 

The final audit report with management responses is distributed to the Board of Regents Audit Committee, the President,  the Provost and/or Division Vice-President, the Dean if related to a specific school, the Director of Enterprise Risk Management, and to the senior managers involved in the audit.

Follow Up 

Before each Regent meeting the auditee will provide an update to Internal Audit & Compliance showing the status of the implementation of all of the recommendations.  This status report is approved by the Provost or the VP associated with the department audited.