Annual Audit Plan – An annual audit plan is developed by the Director of Internal Audit based on a university-wide assessment of risk and where Internal Audit can make the greatest impact. Input from multiple university offices is solicited and considered in developing the annual plan. The annual plan is reviewed by university executive leadership to ensure alignment of audit activities with risk. The Committee on Audit, Risk and Compliance of the Board of Visitors approves the annual plan.
Banka Doitung ClubInternal Audit communicates with our clients throughout the audit process. Internal Audit engages clients throughout the planning and testing phases of the audit to avoid surprises at the end of the audit. The audit process includes the following phases:
Business Process Understanding and Planning - This initial phase includes understanding key business processes, reviewing existing policies and procedures, and identifying key internal controls. In many cases this phase involves process walkthrough interviews with client personnel. This enables Internal Audit to develop a tailored audit plan based on the current business environment. During this phase, Internal Audit will hold an entrance meeting with the client to communicate scope, audit timeline, and answer questions the client may have.
FieldworkBanka Doitung Club - This is the detail testing phase where transactions, documents, and records are reviewed to confirm that the controls established by management exist and are operating effectively. At the conclusion of fieldwork, an exit meeting will be held to discuss audit results and identify possible corrective action steps.
Audit Report - The written report includes a discussion of audit findings, recommendations to management, and management’s corrective action plan. Audit clients will have an opportunity to review and provide input on the wording of the final report before it is issued to ensure accuracy and tone.
Follow-Up Review - Audit performs follow-up procedures to verify the implementation of action plans. Internal Audit reports follow-up status to the Committee on Audit, Risk and Compliance of the Board of Visitors.
At the completion of each audit, Internal Audit sends a Client Survey to key personnel involved in the audit. Our goal is to improve with each audit.
Internal Audit is located at the Hoke House. If you have questions, please contact the department at 757.221.1546 or [[kberdahl, Kent Erdahl]].