Internal Auditing FAQs
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?
- Information technology
- Special investigations
- 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