![]() The format of the audit report consists of three major parts. This provides an opportunity to address any inaccuracies that management believes to exist in the findings or other contents of the report. The purpose of the exit discussion is to inform management of the findings and recommendations of the examination prior to distribution of a formal document. The Office of the Internal Auditor reviews an initial draft of the report with the appropriate management personnel. The exit interview precedes the distribution of a final audit report. Consequently, work papers are limited to items of significance and applicability to the objective of the assignment. They document the evidence in support of audit observations, opinions, and conclusions. The organization, design, and content of audit work papers will depend on the nature of the audit. Work papers are maintained for each internal audit assignment. Fieldwork is conducted to accumulate sufficient, reliable, relevant, and useful evidence to support the audit comments and recommendations. The bulk of the audit work will be performed during the fieldwork phase of the audit process. The audit program provides a flexible outline of the work to be performed. Sufficient detail is needed to address the work in an organized manner, but not to the extent that judgment is ignored. The steps in the program provide guidance to achieve the audit objective. FieldworkĪ formal audit program is an integral part of fieldwork. Questionnaires may be used in the preliminary survey to ensure sufficient information is gathered, to organize data, and to save time. In addition, a preliminary survey may be conducted during the initial discussions to gain familiarity with the activity to be audited. The entrance interview enables the Office of the Internal Auditor to review the objective and scope of the examination with representatives of the area being audited. Information to be considered includes the organizational structure, process descriptions through flowcharts or narratives, internal controls, policies and procedures, etc. The objective and scope will be shaped by the collecting of preliminary background material. Planning of the audit begins with defining the objective and scope of the assignment. Since financial audits are conducted by the Office of the State Auditor and independent external auditors, most of the examinations performed by the Office of the Internal Auditor are limited scope engagements with specific focuses on internal controls, compliance, efficiency and effectiveness, and so are conducted in a prudent manner in accordance with the intent of the externally referenced standards. In the performance of its responsibilities, the Office of the Internal Auditor intends to conduct its activities in line with the North Carolina Internal Audit Act, International Standards for the Professional Practice of Internal Auditing (IIA), and when appropriate, the Government Auditing Standards. In addition, the Director of Internal Audit reports periodically to the Compliance, Audit, Risk Management and Legal Affairs (CARL) Committee of the Board of Trustees, which serves in an oversight capacity in accordance with the duties and responsibilities defined in the CARL Committee Charter. To promote independence and objectivity, the Chancellor provides administrative direction. In order to perform responsibilities in an unbiased manner, the Office of the Internal Auditor must report to a level within the University that allows objective accomplishment of internal audit responsibilities. It is authorized to obtain assistance of University personnel where necessary to perform audit activities. It has unrestricted access to all functions, records, property and personnel under review, to the extent permitted by law. The Office of the Internal Auditor is authorized to select subjects, determine scopes of work, and apply resources required to accomplish objectives. Additionally, the Director has a clear and recognized reporting relationship with the Chair of the Compliance, Audit, Risk Management and Legal Affairs (CARL) Committee of the Board of Trustees. To provide for the independence of the Office of the Internal Auditor, its Director reports functionally to the Chancellor. ![]() The internal audit function assists University management in accomplishing objectives by bringing a systematic, disciplined approach to the review of individual operations primarily through the evaluation of internal controls. The Office of the Internal Auditor is an independent, objective appraisal activity designed to add value and improve The University of North Carolina at Greensboro’s operations.
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