Who is Internal Audit?
Internal Auditors (UConn employees) and external experts who augment internal audit capabilities
External auditors include Federal, State and independent auditors
What Does Internal Audit Do?
- Financial Audits
- Compliance Audits
- Operational Audits
- Information Technology Audits
- Special investigations
- Liaison to external auditors
What Does an Audit Do?
- Evaluates the adequacy and effectiveness of internal controls
- Reviews the reliability and integrity of financial and operating information
- Reviews the fiscal, operational, and administrative operations
- Reviews systems established to ensure compliance with policies, plans, procedures, laws, and regulations that could significantly impact operations
- Evaluates the effectiveness and efficiency with which resources are employed
- Evaluates the accomplishment of established objectives and goals
Why is a Department Audited?
- Statutory/regulatory requirements
- Board of Trustees requirements and requests
- Senior administrators request
- Annual risk assessment process
- Hot line calls
- Whistleblower complaints
- Management requests
What is the Audit Process?
- Research audit area
- Determine criteria
- Notify auditee
- Assess risk
- Plan audit
- Refine scope/objective/methodology
- Develop audit program
- Perform field work
- Communicate results
- Issue draft report
- Obtain management responses
- Issue final report
- Follow-up review
- Feedback from auditee
How Does Internal Audit Conduct an Audit?
- Interview key staff and management
- Observe established procedures
- Examine supporting documentation and evidential materials
- Document organizational control activities
- Perform analytical reviews