Audit
Process
This
Stage typically includes gaining an understanding of the department
for review, gathering available information and preparing a time
budget.
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At this meeting, Audit and Management Services will discuss our
procedures, goals, schedule, and any issues that management may
have. Normal campus attendees include: Department Head and Business
Manager. Audit and Management Services representatives include:
Audit Supervisor and Auditor in charge.
The
following list is what is requested at the entrance meeting for
University Audits*:
1.
A current organizational chart;
2. A list of accounts controlled by the department;
3. Your mission statement, goals and objectives;
4. Copies of any studies done in recent years;
5. Copies of all contracts managed by the department; and
6. Any background information you think will assist us in
gaining knowledge about your area.
The following
list is what is requested at the entrance meeting for Health System
Audits*:
1.
A current organizational chart;
2. Your mission statement, goals and objectives, and performance
measures;
3. Departmental policies and procedures;
4. Your most recent D-50 financial reports and your budget
variance report;
5. Your June D-50 Year end financial reports;
6. A listing of any Computerized system applications you
utilize within your department;
7. A listing of any regulatory bodies to which you provide
information;
8. Copies of any external studies done in recent years;
9. Copies of any contracts managed by the department; and
10. Any other information you think will assist us in gaining
knowledge about your department.
(*Note:
The list of requested items may differ depending on the type
of audit.)
During
this phase of the audit we determine where our resources will
be focused during the testwork phase of the audit. Our practice
is to solicit areas of concern or perceived risk from department
management from this area as well as to identify areas where we
believe there is risk. We will select an appropriate number from
each of these two groups and will discuss them with management
prior to finalizing them and proceeding with the audit.
Fieldwork
This
stage is where the actual review takes place. Audit and Management
Services will be physically located at the department. Through
meetings with management and other personnel, we will understand
and document the control environment, internal controls over the
systems of revenue and expenditures, budget process, inventory
process, information system controls, and other areas as appropriate.
All issues (business issues) will be discussed with departmental
management as fieldwork is performed.
Draft
Report
After fieldwork
has been completed and business issues discussed with management,
we will develop a draft report. Copies of the draft report will
be distributed to management before the exit conference.
Exit Conference
The draft report
will be discussed at this meeting. Revisions to the report deemed
necessary will be agreed upon at this time. Management is given
seven days from the date of the draft report to provide responses
to any business issues. Attendees will typically be the same as
the entrance conference.
Reporting
Revisions
agreed upon at the exit conference and Management's Responses
will be incorporated into the second draft report to be sent to
the Vice President for that Department. Following the review of
the report by the Vice President, the report will be finalized
and sent to the President for review. A final report will be presented
to the Board of Visitors or Board of Directors for review at their
next quarterly meeting.
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