Frequently Asked Questions
Why was my department selected to be audited?
The process many times begins with requests for audit services. Requests and suggestions come from several sources such as the Vice Presidents and the Board of Visitors. Another source is the Internal Audit department itself based on issues it has come across during the year.
Departmental management represent other sources of requests. These originate from management's requests for assistance concerning the administration of a specific area.
Several factors influence the scheduling of audit services which include: the degree of risk or exposure to loss, type of audit, and the current and planned work in other audit projects requiring substantial time commitments.
Numerous audits simply originate from a random selection. It is possible that your department could be audited on its own or as a piece of a system-wide audit; e.g. a review of payroll transactions.
What will the auditors need from me?
In order to perform a successful audit, cooperation and communication between the auditor(s) and the area being audited is important.
The following include specific examples of how your active involvement will enhance the audit process and the resulting product:
- Supply requested information regarding financial, operational, and information system documentation.
- Share any internal control concerns you have.
- Request audit review and assessment of issues troubling to management.
- Review the engagement letter and audit work plan, and where appropriate suggest revisions.
- Ask questions if you don't understand why certain activities have been included, or excluded.
- Review the preliminary test results and begin thinking about possible corrective actions.
- Review the draft report and make suggestions for any changes or enhancements before, or during, the exit conference.
- Offer solutions to the issues addressed and project realistic time frames for completion of the management plan.
- Be proactive in monitoring and reporting the status of corrective action.
How long will the audit take?
Audits can last from one or two days to several months. The auditor(s) assigned to your area will give you a reasonable estimate of the time they need to complete the audit, after the planning phase is finished.
Will the audit disrupt my department's everyday activity?
Like any special project, an audit affects the department's routine to some extent. The University's Internal Audit department makes every effort to minimize this disruption and cooperate with you to ensure a smooth process.
What is the audit process?
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What is the audit report process?
What authority is the Audit Department given by the Board of Visitors?
The Audit Department has been given authority by the Board of Visitors in the form of an Audit Charter. The following is an excerpt from this charter as contained in the Board of Visitors meeting minutes from November 2010.
"The Audit Department personnel will have complete, free and unrestricted access to all University departments, activities, records, properties and personnel, and is not to be restricted in their activities. Where appropriate, special arrangements will be made for the examination of confidential information."
Please click below to read the Audit Charter in it's entirety. The Audit Charter begins on page 2 of the November 2010 Board of Visitors Agenda for the Audit and Compliance committee meeting. Audit Charter.
On page 1 of the Agenda is the resolution that passed the Audit Charter as written.