Audit Plan

An audit plan shall be prepared by the Director of Internal Audit each year to establish the general scope of audit coverage and the cycle of the plan shall coincide with the fiscal year of the university. Further, the development of the audit plan should include a two-year plan for scheduling audits of university departments and activities. In addition to the audit plan, the Director of Internal Audit shall develop a five-year goal plan.


The internal audit plan will be developed based on a prioritization of the audit universe using a risk-based methodology, including input of senior management and the Board, and the external auditor. The audit plan shall be implemented by the Director of Internal Audit upon approval by the audit committee, which approval shall occur no later than July of each fiscal year.  The Director of Internal Audit will review and adjust the plan, as necessary, in response to changes in the university’s business, risks, operations, programs, systems, and controls.  Midyear modifications to the plan are subject to the approval of the audit committee.  A formal, written program shall be prepared for each audit included in the annual plan.