December 19, 2012
The following will
answer some of the questions frequently asked regarding the audit process.
does audit report to?
often are the departments reviewed?
It depends on the results of the risk analysis performed and the corresponding
priority ranking for each auditable unit. Based on the audit resources
available, the annual audit schedule is defined and reviewed by executive
management. The audit plan is then submitted to the Board of Regents
Internal Audit Office and approved by the Board of Regents.
is audit planning?
are departments always under audit?
be interpreted as being under audit may not be the case. Auditors may
be in departments to gather information, as part of another departments
audit, to follow-up on outstanding issues, or to perform a special review
requested of management. Keep in mind that many university activities
interrelate with other department activities and frequently the audit
scope crosses departmental or divisional lines.
long do audits take?
on the depth and scope of the engagement. Generally speaking, full-scope
audits will take between one to two months.
gets audit reports?
Audit reports are distributed to the applicable department head, applicable
executive management, the Associate Vice Chancellor for Internal Audit
at Board of Regents Internal Audit Office, and the State of Georgia
should I expect during an audit?
- An Opening Conference
will be held to officially start the audit. The purpose is to explain
the audit process, gather information, finalize the scope and objectives,
and establish a cooperative working relationship with management.
- In the fieldwork
phase, the auditors gain an understanding of operations under review,
assess the internal control structure, and perform detailed testing
to verify compliance with policies and/or regulatory compliance standards.
involves discussing the draft audit findings with management to obtain
clarification. The draft report is presented for managements
review and comment prior to publication.
- Active discussion
and interaction with management prior to issuing the final report
is standard protocol.
- A Closing Conference
signals the official end of the audit. The audit comments and recommendations
are again reviewed. The final report, including management responses,
serves as the final product of the audit process.
can I do to facilitate the audit process?
Be honest and open; understand that University Auditing and Advisory
Services does serve to assist management. Participate in the planning
process and discussions. Identify key contact personnel. Share information
to assist auditors in performing an efficient review thereby minimizing
disruptions in operations. Voice your opinions regarding areas of weakness,
issues of concern, or suggestions for improvement.
Auditing is a
partnership with the management at Georgia State University in the fulfillment
of institutional objectives.