Internal Auditing's scheduling process begins with requests for audit services. Requests, or suggestions, may come from several sources. One obvious source is our own Internal Auditing management group.
Our in-depth knowledge of the University gives us a unique perspective on the types of projects in which we can reduce the University's risk. Hence some of our projects originate in our own group or as a result of the annual University external audit, which is conducted by an outside firm of certified public accountants.
University and departmental management represent other sources of requests. Members of senior management regularly call on Internal Auditing for assistance. Since our objective is to serve all levels of University management, we also give full consideration to departmental requests in our planning process. If your unit has a request, contact the Director of Internal Auditing as soon as you identify a need for our assistance.
Several factors influence the selection and scheduling of projects:
In view of staff and time limitations, all requests for audits cannot be honored.
To direct the efforts of our auditors to the most productive projects, we use a technique to identify projects or activities that represent considerable risk or exposure to loss. The results of risk assessments conducted by Internal Auditing are discussed with senior management. Projects considered to be high-risk receive priority in Internal Auditing's annual audit plan.
An audit project usually can be classified into one of five categories:
Most of our audit projects are operational or EDP audits. Some overlap does exist between audit types. For example, an operational audit usually includes some elements of compliance, EDP, and financial audits.
The investigative audit deserves special mention. Some people believe that Internal Auditing's primary function is to uncover employee fraud or theft. Obviously this is one aspect of our work, but we hope that the information at this site shows that our responsibilities are much broader than the detection of irregularities, and that a service orientation pervades our working relationships.
In case of suspected financial irregularities, misuse of systems, or other complex situations, the Internal Auditing Department does conduct a specialized audit, tailored to the circumstances. When investigative audits are emergency situations, they will receive priority in scheduling.