internal audit process framework

Outlined below is a broad overview to assist in the understanding of the function and its key parts. The Internal Audit function can be organized into six (6) sections - this exhibit highlights the Internal Audit structure and key processes within the function.

1. Internal Audit Policy	2. Audit Committee Charter
Internal Audit Policy No. 1.6 Provides for Internal Audit Function Existence Serves as Independent Appraiser Has Access to all Operations/Activities Unrestricted Access to all Personnel, Records & Property -.-.-.-.-.-.-.-.-.-.- Reports to the President	Internal Auditing Oversight Internal Auditing Staff Evaluation: 5.1 Internal Audit Process: 5.2 Internal Audit Reports: 5.3 -.-.-.-.-.-.-.-.-.-.- Internal Controls and Code of Conduct Oversight Provide an Assessment of Internal Controls: 7.1 Reports Violations Related to Code of Conduct: 7.2
Defines the general authority and responsibilities of the Internal Audit Department. We are appropriately positioned to receive the support needed to deliver valued services.	Provides for independent communication and defines oversight (governance).
3. Audit Environment Assessment	4. Audit Activities
Risk Assessments Audit Planning Process	Planned Audits Investigations Special Projects External Audit Assistance -.-.-.-.-.-.-.-.-.-.- Fraud Reporting Program
A broad risk assessment is developed which helps to understand the University overall risk profile when planning areas to be audited.	Audit resources are allocated to defined areas. Management requests/special projects will be accommodated as the concern dictates.
5. Communication of Audit Activities	6. Audit Follow-up Process
Management Reports Management Briefing (Single Page Reporting) Executive Summary Presidential Audit Action Form Other -.-.-.-.-.-.-.-.-.-.- Audit Committee Summary of Internal Audit Activity Report	Audit Areas/Items Denoted as High Risk As Specifically Requested
Formal audit reports are issued to Management to communicate final results. Specific key data is captured and analyzed to assess our University environment. Per Audit Charter - any concerns can be directly addressed to the Audit Committee.	Provide follow-up action that requires continued intervention.