Internal Audit
The Audit Process
Types of audits | How
an audit is selected | Audit Phases | Requesting Audits
Understanding the audit process is made easier if we know the types of audits that could be performed, how an audit is selected, and what are the phases of an audit. With this information, we may better understand the age old question - Why Would I Request Audit Services?
Generally, an internal audit is an independent review of the control systems inherent in a unit's operating policies and procedures. Internal auditing is, in fact, a control that functions by reviewing other controls. Internal audit reviews can provide you with important and useful information. They can help you determine whether there are appropriate internal controls over your activities and show you ways to improve the efficiency and effectiveness of your operations.
Our audits examine controls over:
- Timely and accurate recording of financial transactions
- Efficient use of University resources
- The safeguarding of University assets
- Compliance with applicable laws, regulations, policies, and procedures
- Effectiveness in achieving departmental goals and objectives
Depending on its specific purpose, an audit may concentrate on one or all of these areas.