Office of the Vice President for University Administration


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ANNUAL AUDIT PLAN

University Audit and Advisory Services (University Audit) prepares an annual audit plan. The annual plan is developed based on a risk assessment performed by University Audit with significant input from individuals across the University.

Following are examples of some of the factors that are considered in the risk assessment process:

Significant change in mission
Past instances of fraud or theft
Changes in key positions
Date of most recent audit
Annual expenditures
Maintain confidential information
Annual revenues
Significant revisions
Upgrades to IT systems

The plan is submitted to the Vice President for University Administration and Legal Affairs for review, and subsequently to the President for approval. The approved plan is submitted to the Arizona Board of Regents Audit Committee.

SPECIAL REVIEWS

Each year, University Audit receives requests from various University departments to perform audits of operations and programs that are not included in the annual audit plan. The scheduling and completion of these special reviews is subject to a determination of the priority of the special request and the availability of University Audit resources. The current protocol for requesting a special review is set forth in FIN 703.

AUDIT PROCESS

The typical audit involves the following steps:

A memorandum indicating the start of the audit is sent to department officials.
An entrance conference is held with department officials to discuss the audit objectives, timing of the audit, reporting process, and other pertinent matters.
Audit planning and fieldwork is performed. This generally involves interviewing department personnel, identifying controls relevant to the audit objectives, testing controls, and developing conclusions based on the audit tests.
Any findings and recommendations are reviewed with department management.
A draft report is submitted for management's review.
An exit conference is held to review the draft report and management's responses.
The final audit report is issued.

See the University Audit Protocol for additional information.

Last Updated April 18, 2008