The University's Board of Trustees and management place assets at risk to achieve established priorities and goals. A key function of the Office of Audit Services is to understand, audit, and report to management and the Board of Trustees how that risk is being managed. Knowing what areas to audit and where to commit resources is an integral part of managing the internal audit function.
Annually the Office of Audit Services performs a thorough risk assessment of all University management centers, operating units, and significant departments in order to identify areas of potential risk. From this assessment, an Audit Plan is developed for approval by the Audit Committee. The plan addresses high-risk areas as well as allocates time for special Ad-Hoc projects. In intervening years, the risk assessment is updated through data analysis and interviews with senior executives across the University. If necessary, the audit plan is adjusted for any changes to the University's risk assessment.
We believe that the University is best served if the Audit Plan is a dynamic document that continually adjusts to changes in the environment. Therefore, if your management center or department has a need for our services, please do not hesitate to contact us. Depending on the relative risk associated to your need and the amount of time necessary to fulfill your request, the Office of Audit Services will communicate to you what level of assistance we will be able to provide. At a minimum, we will be available to offer guidance and advice throughout any project you perform on your own.