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?

• Audits

• Financial
• Compliance
• Operational
• Information technology

• Special investigations
• Consulting
• 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