How are areas selected for an audit?
The decision of what areas to audit is based in part on the audit plan which has input from university administration, Board of Regents, managers, and the Internal Audit staff. The audit plan generally includes a scheduled audit in each college or organizational unit on a regular basis. The audit plan also has provisions for special management requests and investigation of possible irregularities in areas.
Factors that are considered in selecting units to be audited include:
- Results of the last audit of the area and length of time since last audit
- The size and complexity of the operation
- Potential risk of financial loss
- Major changes in operations, program, systems, or controls
- Highly regulated operations or operations subject to a high level of public scrutiny
What is the authority of Internal Audit?
The Internal Audit Department has been authorized by the Kansas Board of Regents and the University President to have unrestricted access to all Kansas State University records, property and personnel. The Internal Audit staff will make every effort to ensure that security of assets and privacy of records are not compromised and services are not unnecessarily disrupted.
The Internal Audit Department reports to the President through the Vice President for University Operations. The Department has no direct responsibility for any day-to-day University activities or operations. The Internal Audit Charter defines the purpose, authority and responsibilities of the Office.
What can be expected when an audit is scheduled?
The department head/director or senior management of the area to be audited will be notified when an audit is scheduled. A representative of the Internal Audit Office will make contact with the appropriate administrators to schedule a meeting to discuss the audit. At this meeting, the scope and objectives of the audit will be discussed. The audit process will be explained and at this time, any concerns or questions regarding the audit will also be discussed.
Does Internal Audit ever do surprise Audits?
Usually the area to be audited will be notified. However, sometimes surprise audits are conducted.
How long does it usually take to do an audit?
Audits can take from a few days to several weeks depending upon the complexity of the operation and the condition of the records. During the entrance interview, the estimated length of the audit will be discussed. As the audit staff becomes more familiar with the operation and the records, it becomes easier to estimate the length of time an audit will take. Throughout the audit we will keep you informed about the progress of the audit.
Should an audit ever be requested?
An internal audit can be very beneficial especially if there has been a change in either the management of the area or in key personnel. An audit can provide an assessment of the current internal controls and assist in the modification of procedures. An audit will provide an independent appraisal of the effectiveness and efficiency of an area's activities.