{"id":253,"date":"2019-09-18T13:44:57","date_gmt":"2019-09-18T18:44:57","guid":{"rendered":"https:\/\/www.nicholls.edu\/internal-audit-department\/?page_id=253"},"modified":"2019-09-18T13:44:57","modified_gmt":"2019-09-18T18:44:57","slug":"the-audit-process","status":"publish","type":"page","link":"https:\/\/www.nicholls.edu\/internal-audit-department\/audit-process\/the-audit-process\/","title":{"rendered":"The Audit Process"},"content":{"rendered":"

Before the Audit<\/span><\/p>\n

Risk Assessment<\/em><\/strong><\/p>\n

A risk assessment is the identification and analysis of relevant risks associated with the achievement of objectives.\u00a0 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.<\/p>\n

\u00a0Annual Audit Plan<\/em><\/strong><\/p>\n

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.\u00a0 The plan is approved by the University President and the Board of Supervisors of the UL System.\u00a0 The audit plan is fluid in nature, and is subject to change.<\/p>\n

<\/p>\n

During the Audit<\/span><\/p>\n

Planning<\/em><\/strong><\/p>\n

During the planning stage of an audit, the auditor reviews prior audit reports issued for the area or department, applicable polices and procedures, laws and regulations and other relevant information. It is during this stage that the scope of work is determined and an audit program is developed to meet the objectives of the audit.<\/p>\n

Notification\/Entrance Conference<\/em><\/strong><\/p>\n

Departments or areas selected for audit will be notified in most cases, by e-mail.\u00a0 This notification will include the purpose, objectives and scope of the audit of department under review.\u00a0 There are cases in which the department may not be notified prior to audit, due to the nature of the audit (impromptu cash counts or investigations of alleged improper activity).\u00a0 An entrance conference may or may not be scheduled. Basically it will depend on; if the nature of the audit warrants a physical meeting or a meeting is requested by upper management.<\/p>\n

Fieldwork<\/em><\/strong><\/p>\n

During this stage, the auditor identifies, examines, and collects sufficient and reliable data to accomplish the scope and objectives of the audit as outlined by the audit program. The auditor communicates and discusses any opportunities identified with management and the appropriate personnel.<\/p>\n

Draft Audit Report\/Exit Conference<\/em><\/strong><\/p>\n

Once the fieldwork is completed, a draft report is prepared.\u00a0 The draft report communicates to management and the appropriate personnel the results of the audit process and recommendations.\u00a0 The report accompanies a notification, generally by e-mail, stating that fieldwork has been completed and management\u2019s response to any identified opportunities for improvement or observations is requested.\u00a0 An exit conference may or may not be scheduled. In most cases, it will depend on; if the nature of the results warrants a physical meeting or a meeting is requested by upper management.<\/p>\n

During the Audit<\/span><\/p>\n

Final Report and Distribution<\/strong><\/em><\/p>\n

Management responses are incorporated into the draft report to produce the final report.\u00a0 The final report is distributed to the President, other appropriate University personnel, and the UL System Director of Internal and External Audit.<\/p>\n

Evaluation and Follow Up\u00a0<\/em><\/strong><\/p>\n

At the completion of each audit, the auditor will send an evaluation survey through email to the primary clients of the audit.\u00a0 This form should be completed to assist in evaluating the effectiveness of the internal audit function.<\/p>\n

The follow-up process is to determine if management has implemented the corrective action as indicated in management\u2019s response in the initial audit report.\u00a0 The follow-up report is due to the University of Louisiana System approximately six months after the final report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Before the Audit Risk Assessment A risk assessment is the identification and analysis of relevant risks associated with the achievement of objectives.\u00a0 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, […]<\/p>\n","protected":false},"author":6,"featured_media":0,"parent":251,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-253","page","type-page","status-publish","hentry"],"yoast_head":"\nThe Audit Process - Internal Audit Department<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nicholls.edu\/internal-audit-department\/audit-process\/the-audit-process\/\" \/>\n<link rel=\"next\" href=\"https:\/\/www.nicholls.edu\/internal-audit-department\/audit-process\/the-audit-process\/2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Audit Process - Internal Audit Department\" \/>\n<meta property=\"og:description\" content=\"Before the Audit Risk Assessment A risk assessment is the identification and analysis of relevant risks associated with the achievement of objectives.\u00a0 Annually, Internal Audit considers an assessment of risks in conjunction of the annual audit plan. 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