I. Audit Planning
The Internal Auditor will review the files of prior audits (if any), review applicable professional literature, research any applicable policies or statutes, and prepare an Audit Program.
II. Audit Scheduling
Audits can be announced or unannounced. In cases where notice will be given, the Internal Auditor will contact the management of the area to schedule a beginning date for the audit.
III. Entrance Conference
At this meeting, the managers and other personnel of the area to be audited and the Internal Auditor will discuss the purpose and scope of the audit, the audit program and the audit reporting procedures.
IV. Fieldwork
The fieldwork will include testing of various documents and departmental reports. Most work will be performed in the department being audited (if space permits).
V. Exit Conference
The Internal Auditor will contact management in the area under consideration at the conclusion of fieldwork to schedule an exit conference. The same people who were present during the entrance conference will usually be present during the exit conference.
VI. Report Writing
The Internal Auditor will compile a draft report detailing the audit steps performed, findings, and recommendations for improvement or corrective action. A copy of this report will be forwarded to the management of the area being evaluated.
VII. Management Response
A written response to the Internal Auditor’s draft report that outlines the actions taken or to be taken to correct the deficiencies reported, should be submitted to the Office of the Internal Audit to be included in the final report.
VIII. The Final Report
The audit report is finalized and distributed after the department submits a response. The final report is distributed to the President and Audit Committee of the Board of Trustees, the appropriate Vice President, Dean (if applicable), and the Director of the area audited.
IX. Audit Follow-up
If deemed necessary, the Office of the Internal Auditor will conduct follow-up reviews of the audited departments to determine that corrective action taken is achieving the desired results.