![]() ![]() What is an entrance meeting?Īfter the announcement letter is sent, an entrance meeting is scheduled to introduce the audit team to the unit, discuss background, scope, objectives, risks, audit timeline, proposed approach, and other logistics.It is important for management to include key employees who are knowledgeable in the systems and processes being audited. ![]() Prior to beginning an audit, the chief auditor prepares an announcement letter informing relevant leadership and management the audit is going to begin.The announcement includes audit staff assignment, expected start date and the purpose of the audit. The results are used to develop an annual audit plan which is vetted through leadership and approved by the president and the board. Auditors gather information that targets high-risk areas, consider internal and external factors, and work with Enterprise Risk Services to collaborate on next steps. What is a risk assessment?įormal risk assessments serve as a mechanism for management and the board to share concerns about factors that may prevent the university from meeting its objectives. Yes, an audit observation memo is provided to management after the exit meeting, and management is encouraged to respond and include a corrective action plan and timeline for implementation. ![]() Does the department have an opportunity to respond to audit findings? Auditors follow up on the corrective action plans developed in collaboration with management in response to the audit, and delinquent implementations are reported annually to the president and board. Management’s agreement and response are essential to ensuring risks to a unit or department are addressed. This is an important part of the audit process. How should departments respond to an audit's observations and recommendations?Īn internal audit is a collaborative process among auditors and management designed find agreement on a plan of action to address identified risks and implement controls. Employees are encouraged to contact the auditors with any questions, concerns, or feedback. Internal audit selects areas of the university to audit based on results of risk assessments, concerns reported through the hotline, or at the request of leadership and management. Why was my department selected for an audit? Auditors submit annual progress reports to the president and board about audits, recording management success-and deliquency-in plan implementation. In practice, auditors work in collaboration with managers and leadership to develop audit plans and timelines that are then approved by the president and the board. The charter also establishes its position within the university, authorizes access to records, personnel, and physical properties relevant to the performance of engagements, and defines the scope of work. The Internal Audit Charter is approved by the UO Board of Trustees and defines the purpose, authority, and responsibility of the audit function. What authority does the UO Office of Internal Audit have? The university is also audited by the Secretary of State audit division and inspected by agencies in relation to animal welfare, safety, health, and environment. Some types of audits require competencies that internal audit does not have. ![]()
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