How can Internal Audit assist our department?
Internal Audit can:
- Provide an evaluation of your department’s financial and operational procedures for adequate and effective internal controls and safeguarding of assets.
- Provide internal control training and assessment.
- Provide a review of a grant for compliance with grant stipulations.
- Perform special projects.
- Provide recommendations and suggestions to help make your department become more efficient and effective.
- Act as a liaison between departments.
Is Internal Audit staff employed by the university?
Yes, Internal Audit staff are employees of the university.
Does the Internal Audit department conduct the university’s financial statement audit?
No. The university’s financial statement audit (external audit) is performed by Plante Moran.
How do you decide who to audit?
An annual audit plan is prepared by the Director of Internal Audit to establish the general scope of audit coverage using a risk assessment approach. The cycle of the plan coincides with the fiscal year of the university. This annual plan is prepared in consultation with the Board Audit Committee, the administrative officers of the university, and the external auditor.
How long should records be kept?
The answer to this question can be found in the university’s record retention schedule, which was compiled in April 1995. This schedule lists several records and their appropriate retention period. If you do not have a copy of the university’s record retention schedule, it can be obtained from Internal Audit.
How long should faculty grade books be kept?
Per the record retention schedule, faculty grade books should be kept for six years.