Frequently Asked Questions
The audits scheduled during the year are based on various risk factors. Input from university management and the State Board of Education is also considered.
Several factors influence the selection and scheduling of audits which include:
- Complexity of laws and regulations governing the audit area and the frequency and significance of changes made to these laws and regulations;
- Complexity of transactions;
- Susceptibility to fraud, waste and abuse;
- Public sensitivity of the activity and the level of importance placed on the area by stakeholders;
- The results of external monitoring and reviews over the audit area;
- The extent to which the audit area depends on technology;
- Geographic isolation of decentralized offices;
- Adequacy of staffing levels and degree of training for employees in the area; and
- Results of prior audits and time elapsed since the last audit was performed.
First, you will be notified in writing when your department is selected for an audit. The letter will state the objectives to be accomplished in the audit. Subsequently, the Internal Audit staff will contact you to schedule a meeting to discuss the scope of the audit and the logistics of conducting the audit. At this initial meeting, you should take the opportunity to discuss any concerns or questions you may have about the audit and to determine how you can facilitate the review process. A typical audit has several stages, including preliminary research, data collection and analysis, field work, report writing and distribution and follow-up.
There should be no surprises at the end of the audit – Internal Audit staff will keep you informed throughout the audit and let you know of any potential findings or recommendations. If you have any information that can clarify a potential audit issue, please let the auditor know this during the audit – do not wait until the final exit meeting.
It will depend on the scope of an audit. An audit can last from one or two days to several months. The auditor(s) assigned to your area will give you a reasonable estimate the time they need to complete the audit, after the planning phase is finished. Your timely response to audit requests will support timely completion of the audit.
An audit may affect a department's routine to some extent. We always attempt to minimize any interruptions to your normal work schedule to the extent possible.
Cooperation and communication is important to perform a successful audit. The following include specific examples of how your active involvement will enhance the audit process and the resulting product:
- Supply the auditor’s requested information regarding financial, operational and information system documentation by requested dates.
- Share your concerns about internal control weaknesses.
- Request audit review and/or 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.
- There should be no surprises at the end of the audit – Internal Audit staff will keep you informed throughout the audit and let you know of any potential findings or recommendations. If you have any information that can clarify a potential audit issue, please let the auditor know this during the audit – do not wait until the final exit meeting.
The audit report summarizes the results of our audit and will include any findings and recommendations as deemed appropriate by the auditor. A draft copy of the report is presented at an exit conference so that management can review and comment prior to our issuance of a final report.
Management is encouraged to review the draft report carefully to verify that the auditor’s conclusions are factual and complete. If the report contains findings, management will be asked to provide a brief response and a corrective action plan.
The final report includes management’s response to the audit findings and recommendations, and is distributed to the university’s Internal Audit Committee who will review the report and distribute it to the university president. The president distributes copies of reports to individuals responsible for corrective action. The audit committee will follow up on corrective action about 12 months after the report is issued.
The reports have control numbers and should not be copied or disseminated without permission from Internal Audit. Individuals who want a copy of an audit report must request a copy in accordance with Public Record Request Procedures (Administrative Procedures Manual 65.03)
Summaries or copies of audit reports will be provided to the SBOE Audit Committee as requested.
No. Internal Audit services are provided at no cost to departments.