PASSWORDMANAGEMENT
Audit Process and Types
The Audit Process
Planning and Entrance Meeting |
During planning, the auditor gathers background information about the audit topic,
determines the audit objectives and methodology, and develops an audit program. This
program outlines the procedures for identifying areas to examine, questions to ask,
and documents to review.
At the entrance meeting, the auditor discusses the audit objectives, scope, timeline,
resources needed, and how results will be communicated with the auditee.
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Fieldwork and Status Meetings |
The evaluation phase, or fieldwork, involves the auditor assessing internal controls
and compliance by interviewing key personnel, reviewing departmental records and processes,
and testing a sample of transactions.
Throughout fieldwork, the auditor holds status meetings with the auditee to address
initial observations and document requests, allowing for clarification and additional
documentation.
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Post-Fieldwork and Exit Meeting |
After fieldwork, the auditor drafts a report with observations and corresponding recommendations,
then shares it with the auditee for discussion at the exit meeting.
During the exit meeting, the auditee can propose changes, which are then incorporated
into the draft report. The auditor also requests written responses to the recommendations.
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Audit Report and Follow-up |
The auditor issues the final report to the auditee and campus management, and posts
it on the audit website if applicable.
Typically, the auditor follows up with the auditee to ensure recommendations and corrective
actions are effectively implemented and results are achieved.
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Types of Audits and Reviews
Compliance |
This audit evaluates whether the university and its affiliates comply with applicable laws, regulations, and policies, including federal and state laws, Trustee policies, Chancellor's Office directives, and university procedures. |
Consulting |
This review, requested by campus management, provides a proactive, independent assessment of identified concerns or process improvements. The auditor maintains independence by not assuming management responsibilities. |
Financial |
This audit evaulates the fairness, accuracy, and reliability of financial transaction accounting and reporting. 爆料社区's external financial auditors, KPMG, perform this audit in coordination with Business & Financial Services. |
Investigation |
This review investigates allegations of fraud, waste, abuse, or improper activities to determine their validity and prevent future occurrences. |
Operational |
This audit evaluates an organization鈥檚 internal control systems, operations, and processes to assess their efficiency, effectiveness, and ability to manage operational risks. It may include elements of financial review and compliance to ensure key functions, such as cash handling, procurement, HR/payroll, and asset management, operate as intended and support continuous improvement. |