1. How long does a typical audit take?
Audits can vary in length depending on the nature of the engagement and the size of the department. Most audits are allotted 3 and 5 months to complete.
2. What kind of information will you ask me for?
Depending on the type of audit, we will ask for different types of information. For a business admin review of your department, we will ask for timesheets, leave slips, and any documented policies and procedures within your department.
Internal Audit will schedule interviews, typically with multiple people within the department. We will ask about processes and procedures, and we will ask you to forward documentation of those processes to us following the interview.
3. Can I ask Internal Audit for assistance when I am not being audited?
Definitely! The purpose of internal controls and procedures is to mitigate risk. Developing and designing management controls into operations early is the most cost effective and efficient use of resources. Auditors do not wish to audit systems that are known to be dysfunctional; their role is to provide guidance and recommendations, not to just report on the obvious or known problems but to strengthen the ability of units to meet their operational and administrative goals. Give us a call to set up an advisory or consulting service engagement.
4. What is the difference between a process and a control?
“A process step is a task, activity… that moves an input closer to the final objective.”
“An internal control… is a critical step within the process that leads to the success of the entire process.”
5. What happens during the audit?
6. Who will receive the audit report?
Department leadership, the President, the Audit Committee, and the external auditors upon request.
7. Who audits Touro Internal Audit department?
Every five years, Touro Internal Audit department is the subject of a quality assessment review. The objective of the review is to assess conformity to The Institute of Internal Auditors’ Standards for the Professional Practice of Internal Auditing. During this review, a team of internal audit directors from peer institutions perform an independent validation of Touro ’s self-assessment and provide a written report summarizing their conclusions.