Frequently Asked Questions – Audit

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
  • Consulting
  • 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