TYPES OF AUDITS
Comprehensive and constructive examination of a functional unit within the University, including its plan and objectives, methods of controls, and use of human physical resources.
Examination of financial records and supporting documents for the purpose of determining the accuracy of the financial records and their conformity with generally accepted accounting principles.
Applications of various audit techniques for the purpose of detection of fraud and installation of internal controls to aid in the prevention of fraud.
Audits may include assessment of internal controls, assessment of the reliability of departmental financial information, compliance with University policies and procedures, compliance with outside agencies’ rules and regulations, and the safeguarding of assets. In addition, Internal Audit may provide consulting services within the University concerning issues related to internal controls, special investigations, litigation support, and other areas of interest and concern. Opportunities for improving management control, profitability, and the organization’s image may be identified during the audits. They will be communicated to the appropriate level of management.