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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 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
University organization chart Who? (continued)
Representing over 100 years of combined experience Who? (continued)
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? 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) 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? (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? (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? 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) 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? 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) 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
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
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? (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? 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
Internal Audit is in the Park Building - Room 407 - 201 Presidents Circle Rm 407 - Salt Lake City, Utah 84112-9021or Call: 581-5997