Audit and Consulting ServicesAudit and Consulting Services. Overview of Audit Process. Risk-Based Audit Plan Cycle. Approve Plan. Develop Audit Plan. Prioritize Projects and Assess

Audit and Consulting Services

Overview of Audit Process

Risk-Based Audit Plan Cycle

Approve Plan

Develop Audit Plan

Prioritize Projects and Assess Resources

Perform Risk Assessment

Conduct Research and Gather Information

Define Audit Universe

Standard Audit Process

Monitoring

Reporting

Fieldwork Testing

Risks and Controls

Gain an Understanding

Planning

Ong

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Standard Audit Process• Send audit announcement• Identify contacts• Hold entrance conference

Planning

• Identify relevant regulations• Review applicable policies, procedures, and

business processes• Understand audit area goals and objectives

Gain an Understanding

• Document and analyze risks and controls• Finalize audit objectives and scope• Develop audit program

Risks and Controls

Standard Audit Process• Execute audit program (testing)• Communicate status regularly• Hold meetings with management as

necessary

Fieldwork Testing

• Draft report and send to department or business unit management

• Hold exit meeting• Send final draft to relevant leadership• Issue final report to Chancellor

Reporting

• Track the status of management action plans through implementation

• Perform procedures to confirm status• Provide a monthly status report to

leadership

Monitoring

Internal control is a process, effected by the Board of Trustees, administration, and management designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

• Effectiveness and efficiency of operations• Reliability of financial reporting• Compliance with applicable laws and

regulations

Source: Committee of Sponsoring Organizations of the Treadway Commission (COSO)

Internal Controls

Serious Acts of Dishonesty or Fraud

III.H.3.4. Internal Supervisor Reporting

Each College supervisor has a duty to know what is considered Serious Act of Dishonesty or Fraud, and establish appropriate operating rules or manuals that will help identify such conduct. Each College supervisor must report this conduct to the Internal Audit Department.

Serious Acts are defined in III.H.3.2.