Carol Slade, CIA, CPA, CGFM
Director, Internal Audit
University administrators, who will be responsible for coordinating the implementation of recommendations, if any, are notified before the audit begins. An entrance conference is held with the audit client to define the scope of the audit. All entrance conferences include inquiries of management regarding any specific audit coverage they may desire, and whether there are any known irregularities within the area(s) to be audited.
Fieldwork consists of interviews with selected management and analysis of documents or transactions. The information obtained during audit fieldwork is used to determine whether the operations of the department are sufficient to mitigate risks associated with that department.
Discussions and meetings are held during the course of the audit as appropriate for clear communication and understanding. Internal Audit makes every effort to keep management fully informed of issues and to avoid “surprises” at the end of the project. Interim meetings also allow management to begin taking appropriate corrective actions.
Upon completion of audit fieldwork a draft report is completed. This is submitted to administrators who have direct responsibility for the department audited. An exit conference is scheduled to review the report and as an opportunity to clarify audit matters, obtain management comments and initial responses to the audit report and related recommendations, and to resolve possible conflicts or disagreements before the final report is issued.
The final report will include a cover letter from the Director of Internal Audit requesting action if recommendations are made. In addition to audit findings and recommendations, the report should include actions taken by administration to mitigate or correct issues identified by the audit. This report is distributed to the University President, Vice President and Chief of Staff, and all administrators who have direct authority over the area audited.