Before the Audit
A risk assessment is the identification and analysis of relevant risks associated with the achievement of objectives. Annually, Internal Audit considers an assessment of risks in conjunction of the annual audit plan. This assessment is informal in nature and is prepared with input from management, risks identified at other universities, and current economic concerns. The risk assessment forms the basis for the annual audit plan.
Annual Audit Plan
The annual audit plan includes audits required by University policy, by UL System policy or requests, management requests, and those areas identified during the risk assessment process as having higher exposure to risks. The audit plan outlines the projects for the fiscal year, including the audit objectives, type of audit, and budget hours allocated to each project. The plan is approved by the University President and the Board of Supervisors of the UL System. The audit plan is fluid in nature, and is subject to change.