Initial contact with management will be a phone call to arrange a meeting.
The scope, objectives and criteria of the audit will be discussed. We'll tell you what we're going to do, why we're going to do it and how we plan on doing it.
We'll ask some questions so we can determine existing internal controls over the area being audited. Sometimes we use an "internal control questionnaire". Then we'll determine the actual tests and analyses we'll need to perform.
Then the real work begins!! We'll ask lots of questions and make lots of copies. We'll document our work in what we call our "workpapers." This phase of an audit is probably the most time consuming. We want documented proof of everything that appears in the report and sometimes it takes longer than you might expect or desire.
We will draft a report and discuss the results of the audit with you. You will be given an opportunity to respond to any findings or recommendations. Our goal is to give assurance to management that strong controls are in place and working. You can expect a heads up on any potential weakness we run across, but we are not "out to get" anybody. Our desire is for this university to operate in the most efficient and effective way possible.
A final report will be issued. Copies of the final report may be sent to the Board of Regents and the Division of State Audit