Approach
- Risk Assessment and Planning
- Inform client of planned audit and coordinate based on availability
- Perform research and analysis of audit area
- Hold opening meeting with client to discuss audit scope
- Finalize audit scope
- Process Review
- Review policies and procedures
- Perform process walk-throughs
- Identify and discuss any potential process or control concerns
- Plan for fieldwork accordingly
- Fieldwork and Testing
- Select sample items for further review
- Perform detailed testing over sample item documentation
- Finalize audit results and communicate any issues noted to client through Issue Memorandums
- Reporting
- Hold a closeout meeting with client to discuss final results of the audit
- Issue audit report to client and impacted parties
- Communicate high-rated audit findings to university leadership and the Audit Committee of the Board of Trustees
- Follow-Up
- Solicit feedback from the client regarding audit execution and suggestions for improvement
- Perform follow-up procedures to understand management’s progress against areas of findings
- Apprise university leadership and Audit Committee of the Board of Trustees of remediated finding