How are areas selected for an audit?
The Office of Internal Audit prepares an audit plan on an annual basis. Input is received from the Board of Regents, University Administration, and Departmental Managers. The audit plan generally includes a scheduled audit in each major organizational unit on a regular basis (every three to five years). The audit plan also has provisions for special management requests and investigations of possible irregularities in areas.
Factors that are considered in selecting units to be audited include:
- Results of the last audit of the area and length of time since last audit.
- The size and complexity of the operation.
- Potential risk of financial loss.
- Major changes in operations, program, systems or controls.
- Highly regulated operations or operations subject to a high level of public scrutiny.
What is the authority of the Internal Audit Office?
The Internal Audit Office had been authorized by Chancellor to have unrestricted access to all UWEC records, property, and personnel. The Internal Audit staff makes every effort to ensure that security of assets and privacy of records are not compromised and services are not unnecessarily disrupted.
The Internal Audit Office reports to the Chancellor through the Vice Chancellor for Business and Student Services. The department has no direct responsibility for any day-to-day University activities or operations. The Office of Internal Audit Charter defines the policy, purpose, authority and responsibilities of the Office.
How long does it take to do an audit?
Audits can take from a few days to several weeks depending on the complexity of the operation and the condition of the records. During the entrance conference, the estimated length of the audit will be discussed. As the audit staff becomes more familiar with the operation and the records, it becomes easier to estimate the length of time an audit will take. Throughout the audit, the staff will keep the auditee informed about the progress of the audit.
Can an audit be requested?
An internal audit can be very beneficial, especially if there has been a change in either the management of the area or in key personnel. An audit can provide an assessment of the current internal controls and assist in the modification of procedures. An audit will provide an independent appraisal of the effectiveness and efficiency of an area's activities.
An audit can be requested by directly contacting the Office of Internal Audit or submitting your request through the Vice Chancellor for Business and Student Services. The Office of Internal Audit is also available for consultation without having to perform an official audit.