How it Works
The audit will generally start with an entrance interview with the department manager and other key members of the staff.
Additional in-depth interviews will likely follow. You will be asked about processes and procedures, and you will be asked to forward documentation of those processes. 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
- leave slips
- any documented policies and procedures within your department
For other reviews there may be an examination of:
- department records
- cash handling controls
- controls over computer access
- and compliance with University, state, federal, and other laws, rules, and regulations
The scope of the work will be controlled to a great degree by the perceived risks of that area. The manager of the audited area will be updated on audit questions as they develop.
At the end of the audit work, an exit interview will be held to discuss findings that may be included in the report. The manager of the audited area will have an opportunity to rebut any findings and to be involved in formulating any recommendations.
An audit report draft will be sent to the administrative head of the area being audited asking for management comments/plan of action to each of our findings. The final report will be sent to department leadership, the University president, the Audit Committee, and the external auditors upon request.
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.
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.”
- The department admin collects timesheets and files them
- The office submits the reimbursements to the Accounting department within a specified timeframe
“An internal control… is a critical step within the process that leads to the success of the entire process.”
- Supervisors review timesheet submissions monthly to ensure they were completed on time
- Supervisors review and approve all travel reimbursements for accuracy before submission to the Accounting department
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. The goal is 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.
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.