Types of Audits

Types of audits include:

 

 

Financial – Financial audits typically involve a focus on financial controls as they relate to reporting. These audits focus on accounting controls present in the general ledger or sub-ledger systems. Financial statement auditing is the focus of our external auditors.  Internal Audit will complement the work they perform based on an agreed plan.

 

Operational – Operational audits focus on the review and assessment of a business process. The activities of the business process may result in a direct or indirect financial impact to the organization such as the collection of student tuitions or patient account balances. Internal Audit primarily focuses on operational audits but can extend the scope to include accounting procedures that can impact financial reporting.

 

Compliance – Compliance audits review the level of compliance with internal policies or external regulatory requirements.

 

Information Systems – Audits of Information Systems look at the overall infrastructure and network of the University and the controls that relate to the security of the network and the systems that are maintained in support of the goals of the University. They also include technical operations, data center operations, project management procedures, and application controls.

 

Integrated Audits – Integrated audits look at controls that address financial, operational, compliance and information systems risks. These audits are typically centered on a business cycle or a specific part of a cycle or process.