What is Internal Auditing?
What is the authority of Internal Audit?
Why was I selected to be audited?
How is an area selected for an audit?
What can an audit do for me?
What should I expect when an audit is scheduled for my area?
How much time will you require to complete your review?
How will audit results be reported?
What if I have questions?
What is Internal Auditing?
The Institute of Internal Auditors defines internal auditing as "an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization." Audits at SC State University are conducted in accordance with the Institute's Standards for the Professional Practice of internal auditing by a staff of three professionals reporting to the President.
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What is the authority of Internal Audit?
We have been authorized by the Board of Trustees and the president to have unrestricted access to all university functions, records, properties, and personnel. However, we will make every effort to ensure that security of assets and privacy of records are not compromised, and that services are not unnecessarily disrupted.
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Why was I selected to be audited?
The university conducts regular reviews of its systems of internal controls. The audit plan is approved by the President on an annual basis. Audits may also be initiated by special request from a staff administrator or department head.
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How is an area selected for an audit?
The primary ways an area can be selected for review are from the: (1) annual audit plan (2) administrative requests or (3) from employees, students, and outside parties who provide confidential informational tips regarding incidences of fraud, theft, or abuse of university assets or property.
Each year, the Office of Internal Audit, with concurrence of the Board of Trustees, determines the next year’s auditing schedule. The schedule is planned in detail, based upon the number of available working hours in the coming year, and the anticipated hours required for the performance of each scheduled audit. A number of hours will also be allocated for administrative requests. An administrative request may come from the Board of Trustees, president, cabinet, or any department head.
The Office of Internal Audit will assess the internal and external risks associated with each area on campus, as well as the last time an evaluation was performed, and prioritize the audits accordingly.
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What can an audit do for me?
An internal audit can help you determine whether there are appropriate internal controls in the areas for which you are accountable. This is especially important if you have recently assumed supervisory responsibility, if major computer systems have recently been installed, or if the duties of your area have changed significantly. Internal audits can point to ways to improve the efficiency and effectiveness of your operation.
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What should I expect when an audit is scheduled for my area?
A professional internal auditor will contact you to schedule an initial interview to obtain general information and to explain the audit's scope. At this meeting, you should discuss any questions or concerns. Financial records will normally be reviewed on a test basis. Beyond this, the Standards require checking compliance with policies, plans, procedures, laws, and regulations; reviewing the safeguarding of assets; determining if resources were used economically and efficiently; and determining if established goals and objectives were accomplished.
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How much time will you require to complete your review?
Our length of stay and review can vary with every project. Things that may factor into our stay and review of your department can include the following:
- The amount of resources we are able to supply to a project
- The amount of resources your office can supply to us during our visit
- The nature of the review
- The complexity of departmental operations.
There is no standard time we can put on a project.
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How will audit results be reported?
You will be kept apprised of the auditor's findings throughout the course of the audit. At the conclusion of the audit, you will be asked to review a draft of the audit report. Your written responses to each recommendation will be requested and included in the final report. Final audit reports are addressed to the Board of Trustees, with copies to all others in your reporting line.
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What if I have questions?
Please contact the auditor in charge of your review or the Director of Internal Auditing at any time.
