Introduction to type of audits
Audit projects can normally be categorized as one of the following:
- Operational/Process Audit -this type of audit involves evaluating a college, department, or area’s processes, procedures, and associated internal control activities to determine how they impact the attainment of the University’s organizational goals and objectives.
- Financial Audit -
this type of audit involves reviewing the department’s records and reports in order to determine if financial transactions are properly recorded in the University’s financial accounting and reporting system.
- Compliance Audit- this type of audit involves verification of whether or not a college, department, or area is in compliance with established guidelines (policies, procedures, laws, regulations). These would include adherence to the University’s internal policies and procedures as well as external requirements from federal/state agencies.
- Investigative Audit -this type of audit is usually requested by University management, external parties, or as a result of an anonymous report from the University’s EthicsPoint Hotline.
- Follow-up Audits are designed to determine whether previous audit recommendations have been implemented. These audits may be scheduled between 90 and 180 days after issuance of the final report depending on the significance of the findings.