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Internal Audit & Advisory Services

Welcome to the Office of Internal Audit & Advisory Services

The Office of Internal Audit and Advisory Services is dedicated to delivering independent, objective assurance and insightful consultation, aimed at enhancing the efficiency and effectiveness of campus operations. Furthermore, Internal Audit and Advisory Services acts as a pivotal link for audits, reviews, and investigations conducted by both the Chancellor’s Office and external agencies. 

We help ensure that resources are used effectively, reduce the risk of fraud or waste, and make recommendations for improving operations and safeguarding university assets. Both audits and advisory services are performed to enhance the university’s overall performance, ensure accountability, and mitigate risks. 

To accomplish its objectives, the university auditor is authorized to have full, free, and unrestricted access to all university functions, records, reports, activities, property, and personnel, as needed to fulfill their assigned responsibilities. Except as limited by law, the work of internal audit is unrestricted. 

The Executive Director of Audit & Advisory Services functionally reports to the University President, and administratively reports to the Chief Financial Officer & VP for Finance, Technology, and Operations.  

See the University Organization Chart + FTO Organization Chart

FAQs

Why was I selected for an audit?
  • Risk Assessment – The Office of Internal Audit and Management Analysis creates an annual audit plan driven by a risk assessment process. High-risk areas are prioritized, though audits are conducted across all university departments.
  • Mandated Audits – These audits are compulsory and mandated by governing bodies such as the Federal Government, Board of Regents, or University Administration. Examples include audits of student financial aid and year-end inventory assessments.
  • Requests – The Office of the President or other University Administrators may initiate an audit for a specific area upon request.
What type of audits are performed?

Financial Audits – These audits focus on the accuracy of accounting and reporting of financial transactions, including commitments, authorizations, and the receipt and disbursement of funds.

Compliance Audits – These audits assess how well a department complies with applicable laws, policies, and procedures.

Performance Audits – These audits review the use of resources to determine if they are being utilized efficiently and effectively to support the department's and the university's goals and objectives.

Investigative Audits – These audits investigate suspected misconduct to determine if state or federal laws have been violated. They may address issues such as internal theft, misuse of university assets, or conflicts of interest.

Will I be notified of a scheduled audit for my department?

Yes. For non-routine audits, Internal Audit notifies departments through a phone call, email, or memo. For routine annual audits, departments are already informed about the audits scheduled for their area.

How does an audit differ from an advisory service? 

Audits are independent evaluations of the university's financial statements, compliance with policies, and internal controls, aiming to ensure accuracy and adherence to regulations. Advisory services, on the other hand, are consultative in nature and help the university improve operations, address specific challenges, or optimize processes.  

Who conducts audits and advisory services at the university?

Both internal and external auditors contribute to the university’s governance and accountability, with internal auditors focusing on ongoing operational performance and external auditors ensuring compliance with external financial and regulatory standards. 

How are areas for audit or advisory services selected? 

Audit areas are generally selected based on a risk-based approach, considering factors such as financial significance, compliance requirements, past performance, or any concerns raised by management or external regulations. Advisory services may be initiated by specific departments or leadership teams seeking assistance in improving processes, addressing challenges, or implementing new strategies.

What should I expect during an audit process? 

During an audit, auditors will request access to relevant documents and records (such as financial statements, policies, or procedures), interview employees, and assess existing controls and systems. They may also perform testing to verify accuracy and compliance. Auditors will maintain confidentiality and provide regular updates. Once the audit is complete, a report will be provided, which may include findings, recommendations, and any identified issues. 

How long does an audit usually take?

The length of an audit can vary depending on its scope and complexity. Some audits may take a few weeks, while others may take several months. The audit team will typically inform you of the expected timeline and keep you updated on progress. 

What happens after the audit is completed? 

Once the audit is completed, the audit team will produce a report that summarizes their findings and includes recommendations for improvement. This report is shared with relevant stakeholders, such as senior management and the board. Action plans are then developed to address any identified issues or risks, and follow-up audits may be conducted to ensure that corrective measures have been implemented. 

Do I need to be concerned if the audit team is reviewing my department or area? 

No, the audit process is not an indication of wrongdoing or poor performance. Audits are designed to ensure transparency, accountability, and operational efficiency. The goal is to identify areas for improvement and ensure compliance with university policies and regulations. You will be asked to cooperate and provide any necessary information to facilitate the process. 

Are the findings from an audit shared with the public? 

Yes, we share audit reports with the university leadership, board of trustees, and sometimes relevant regulatory bodies, with exceptions to some details that may be kept confidential due to privacy or security reasons. We also provide summaries of audit findings on our website for transparency. 

How can I ensure my department is ready for an audit? 

To prepare for an audit, ensure that all relevant records are organized and easily accessible, follow established procedures, and keep documentation up to date. Regularly review your department’s compliance with university policies and internal controls. Being proactive about addressing potential risks and ensuring that your team is knowledgeable about audit expectations can also help. 

Can I request an advisory service for my department? 

Yes, departments can request advisory services if they need help with process improvements, strategic planning, or addressing specific challenges. Please reach out to the Office of Audit & Advisory Services to discuss your needs. We are happy to offer guidance or arrange a consultation to assist you.