Approach

1. 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
2. Process Review
   • Review policies and procedures
   • Perform process walk-throughs
   • Identify and discuss any potential process or control concerns
   • Plan for fieldwork accordingly
3. 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
4. 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
5. 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