Frequently Asked Questions – Audit

Why does the University of Connecticut and UConn Health (collectively UConn) have an Audit & Management Advisory Services (AMAS) department?

AMAS assists the Board, the President and Senior University Administration in the effective discharge of their responsibilities by providing independent, objective, assurance and consulting services designed to add value and improve UConn’s operations.

The mission of AMAS is to enhance and protect organizational value by providing risk-based assessments, advice and insight. AMAS helps UConn accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management and control processes. AMAS provides UConn with independent assurance that risks have been appropriately mitigated and assist UConn in understanding organizational risks and internal controls available to mitigate risks.

Why was my department selected?

The majority of the audits are identified and scheduled up to a year in advance as part of the annual audit planning process, which includes performing a risk assessment designed to identify and analyze potential events that may negatively impact individuals, assets, and/or the environment. The risk assessment includes a review of business processes, emerging risks in higher education and healthcare, data analysis, internal and external reports, senior management discussions, and regulatory changes.

In addition, a selected number of audits are mandated by statute or agreements to be performed annually or are requested by management.  A formal audit plan is generated and reviewed by the Joint Audit & Compliance Committee.

What is the key difference of external audit compared to internal audit?

The major differences exist with regard to the external audit and internal audit relationships to UConn and the scope of work and objectives. AMAS is integrated in the UConn’s organizational structure whereas external auditors are not.

Our primary clients are management and the Board. We are concerned with all aspects of UConn, both financial and non-financial, and focus on future events as a result of our continuous review and evaluation of controls and processes.

External audits are performed by the State Auditors of Public Accounts mandated by Connecticut General Statutes Section 2-90 and the Federal Single Audit Act or by the Federal Office of Inspector General or other Federal regulatory body.  External audits are historical in nature, focusing on compliance with major federal and state laws and regulations and assessing financial statements as well as evaluating internal controls related to compliance and financial statements.  In addition, external auditors include independent accountants who are hired by UConn to provide a requested service or mandated by federal and state regulations.

What is AMAS looking for?

AMAS focuses on verifying compliance with internal policies and external regulations and evaluating the effectiveness of risk management, internal controls, and governance processes to identify opportunities for improvements.

What can I expect during an audit?

Generally, the auditor will meet with you at the beginning of the audit to obtain relevant information about the process or entity under review. This includes an understanding of the factors that may prevent the accomplishment of a desired objective and an understanding of existing controls. Typically, the auditor will document the effort and analysis involved in the review. Actual time spent by the auditor in your area will vary. In most cases, disruption of your daily routine is minimal.

How can I prepare for the audit?

Departments under review should be prepared to provide all relevant policies and to discuss the internal processes. Audit management will meet with you before the audit begins to review expectations.

What type of access do auditors have?

In accordance with the AMAS charter approved by the JACC, AMAS will have uninhibited access to all functions, records, property, and personnel pertinent to carrying out any engagement, subject to accountability for confidentiality and safeguarding of records and information except as may be restricted by law.

Who can request an internal audit?

Anyone can request an audit by contacting AMAS. The capacity of AMAS to accommodate an audit request is determined by the availability of audit staff and the relative risk of the topic in relation to audits already included on the annual audit plan.

What is the difference between an Internal Audit and a Consulting/Advisory Service?

Internal audits are generally initiated as part of the annual audit plan. The annual audit plan is designed to provide information and assurances on governance, risk management and internal control processes.

Consulting/Advisory services are requested by management where the nature and scope are agreed to in advance for the benefit of the requesting party.  The services are intended to add value and improve the efficiency and effectiveness of operating areas and assist management in the successful accomplishment of their objectives

How can I contact AMAS to discuss risk or request services?

Anyone can contact AMAS by clicking on the button below.

Request non-hotline services from AMAS

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