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Internal Audit. Who?. What?. When?. How?. Why?. In brief . . . . Who are we?. We are an organization that provides both traditional and non-traditional services We are not outside auditors We are a constructive link between policy-making and operational levels of the University.

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internal audit
Internal Audit

Who?

What?

When?

How?

Why?

In brief . . .

who are we
Who are we?

We are an organization that provides both traditional and non-traditional services

We are not outside auditors

We are a constructive link between policy-making and operational levels of the University

who continued5
Auditing

Financial

Operational

Information systems

Accounting

Governmental

Public and private

Fraud detection

Reporting

Management reporting

Financial reporting

Governmental cost accounting

Who? (continued)
  • In the following areas
what do we do
What do we do?

We provide both traditional audits and non-traditional services designed to help define and/or meet your organization’s goals and objectives

  • Our less traditional services include:
  • Educational sessions
  • Training materials
  • Special projects
what continued
What? (continued)

By evaluating the adequacy and effectiveness of the internal controls

And the quality of performance in carrying out assigned responsibilities

  • We perform traditional audits
what continued8
What? (continued)

Review the reliability and integrity of financial and operating information

Review the fiscal, operational, and administrative operations

Review the systems established to ensure compliance with policies, plans, procedures, laws, and regulations that could significantly impact operations

  • What is a traditional audit?
what continued9
What? (continued)

Evaluate the effectiveness and efficiencywith which resources are employed

Evaluate the accomplishment of established objectives and goals

  • What is a traditional audit? (cont.)
when do we do it
When do we do it?

Board of Regents requirements

Requests from vice presidents and key administrators

A risk assessment process that evaluates departments based on the resources under their control and the degree of change the department has experienced in recent years

  • A flexible audit schedule is prepared considering
when continued
When? (continued)

The Internal Audit Department’s knowledge of existing operations, internal controls, and changes that are planned or in process for various financial systems and procedures

Training and expertise of the professional audit staff

Resources available to the Internal Audit Department

  • A flexible audit schedule is prepared considering (cont.)
how do we do it
How do we do it?

Providing a summary of our own policies and procedures

Providing an outline (and video) of the concept of internal controls

Providing educational assistance, if necessary

  • We familiarize our clients with the internal audit function (prior to engagement) by
how continued
How? (continued)

Initial response to internal control outline

Organization charts

Departmental policies and procedures

Any other documents that would help familiarize us with your organization

Copies of any external audits or other internal reviews that have been conducted

  • We obtain pre-opening conference materials
how continued14
Present our department

Discuss your departmental internal controls

Review your pre-opening conference materials

How? (continued)
  • We hold an opening conference to

We recommend involving all appropriate faculty or staff members

how continued15
Interviewing key staff and management

Observing established procedures

Examining suporting documentation and evidential materials

Documenting organizational control activities

Performing analytical reviews

Compiling our own supporting workpapers

How? (continued)
  • Our activities include
how continued16
How? (continued)

Preparingthe audit report and recommendations

Holding a closing conference to discuss the audit and obtain your responses to the recommendations

Issuing the final audit report including your responses

Performing a followup review in six months

  • Our activities include (cont.)
why have an internal audit department
Why have an Internal Audit Department?

We are a constructive link between policy-making and operational levels of the University

Early warning system to identify financial and other risks

Identify opportunities for fiscal and operational improvement

slide18
Internal Audit is in the Park Building - Room 407 - 201 Presidents Circle Rm 407 - Salt Lake City, Utah 84112-9021or Call: 581-5997