The Office of Internal Audit performs a variety of work, including:
Assurance Services (Audits)
An audit is the objective assessment of evidence to provide an independent opinion or conclusion. The nature and scope of any audit engagement are determined by the audit department. Scope is not limited to accuracy of data and compliance with rules, but includes adequacy of controls, efficiency, reliability, safeguarding of assets, and consideration of any matters which may adversely impact the institution in pursuit of its objectives.
Each quarter, we follow-up on all identified issues to ascertain and report to the Board of Regents on whether management has taken appropriate remedial action on internal and external audit findings and recommendations.
Consulting services are advisory in nature and are generally performed at the specific request of management—the objectives and types of work performed will be collaboratively determined with management. Examples include:
- Reviewing client-prepared responses to external audit reports;
- Training on fraud prevention, internal controls, and risk assessment processes;
- Analyzing client or third-party prepared data; and
- Scribing client-facilitated risk assessment exercises.
Fraud Reviews. Such reviews are undertaken whenever complaints are received or there are any indicators of fraud.
In the event a Component receives emergency appropriations from the State, the receipt, disbursement, and reporting of such appropriations will be subject to review by the System Chief Audit Executive and Component Director.