Touro University

1. Internal Risk Assessment

The Internal Audit risk assessment is a process that identifies hazards that could negatively impact the organization's ability to conduct business.

Touro College and University System divides its entities in Banner via charts. Using the Banner structure, the Internal Audit Department performs various assessments, such as, Financial, Compliance, Fraud, Information Technology, and Information Security.

Example Audit Plan

Auditable Entities	Potential Audit Areas	Project Type	Risk Level	Budgeted Hours
Entity 1	Compliance	Audit	Critical	440
Entity 2	Accounting	Audit	High	440
Entity 3	Human Resources	Compliance	Medium	440
Entity 4	Payroll	IT Audit	Critical	440
Entity 5	Vendor Management	Limited Scope Audit	High	220
Total Estimated Required Hours
Governance	ERM	Special Projects	N/A	150

Total Estimated Required Hours for Special Projects				150

Total Estimated Available Hours (.56 FTE)				1030

Surplus/(Deficit)				0

2. Internal Audit and Consultative Engagements

The Internal Audit Department is committed to providing the highest level of professional audit services to Touro. Professional audit services act as resources to management and meeting professional standards.

Internal Audit and Consultative Engagement Timeline
Planning	Fieldwork	Reporting
4 weeks	3 weeks	2 weeks
Risk Assessment Risk Control Matrix Announcement Memo Walkthroughs of key processes to identify internal controls,	Entry/Opening Meeting Developing, executing and overseeing substantive testing of control and related procedures,	Reporting and discussing identified issues with management Draft Internal Audit Report Exit/Closing Meeting Issue Final Report*

Internal Audit and Consultative Engagement Timeline

Planning

Fieldwork

Reporting

4 weeks

3 weeks

2 weeks

Risk Assessment
Risk Control Matrix
Announcement Memo
Walkthroughs of key processes to identify internal controls,

Entry/Opening Meeting
Developing, executing and overseeing substantive testing of control and related procedures,

Reporting and discussing identified issues with management
Draft Internal Audit Report
Exit/Closing Meeting Issue Final Report*

Refer to TouroOne, in the Employee Tab under the Internal Audit Subsection for the detailed Internal Audit Policy and Procedures document.