POL-U1500.03 Creating and Finalizing Internal Audit Reports

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Effective Date:

October 6, 2006

Revised Date:

August 19, 2022

Approved by:

Board of Trustees

Who does this policy apply to?

This policy applies to all audit reports created by Audit and Consulting Services.

Overview

There is no overview for this policy.

Definitions

Audit Report Includes

Standard audit reports, consultation reports, special investigation reports and memorandum reports.

Managers or Management

May include President, Provost, Vice Presidents, Deans, Directors, Chairs and department managers.

Policy Statements

1. Audit and Consulting Services Creates Draft Audit Reports

At the completion of the audit fieldwork, Audit and Consulting Services creates a draft audit report.

2. Draft Audit Reports are Distributed Per POL-U1500.04 Distributing Draft Internal Audit Reports

No additional description for this statement.

3. Draft Audit Reports are Discussed at Exit Meeting

Audit and Consulting Services sends out the draft report a few days prior to the exit meeting to provide management with an opportunity to review the draft report in preparation for the meeting. Audit and Consulting Services and university personnel discuss draft audit report to ensure that it is clear, concise and accurate.

4. Audit and Consulting Services Creates and Distributes Final Draft Audit Reports

At the discretion of the Director of Audit and Consulting Services, the draft audit report is revised based on the audited area’s comments, concerns or requests discussed at the exit meeting.

The final draft audit report is distributed according to POL-U1500.04 - Distributing Draft Internal Audit Reports. Audit and Consulting Services attaches standard response format documentation to the final draft report in order to aid managers in creating their written responses.

5. Management Creates Written Responses Per POL-U1500.07 - Creating Written Responses to Final Draft Internal Audit Reports

No additional description for this statement.

6. Director of Audit and Consulting Services Reviews Management’s Written Responses

The Director of Audit and Consulting Services reviews management’s written responses to ensure that they are complete and management’s recommended actions will reasonably address each recommendation. The Director of Audit and Consulting Services may suggest changes to or edit the written responses, with management’s agreement to ensure that they only address the report recommendations.

7. Management’s Responses are Included in the Final Audit Report

Audit and Consulting Services will incorporate management’s responses into the final audit report.

8. Final Audit Report Is Distributed Per POL-U1500.05 - Distributing Final Internal Audit Reports

No additional description for this statement.

Policy Information