Audit Scheduling & Process
The most successful audit projects are those in which the campus/department and Internal Audit have a constructive working relationship. Our objective is to have continued involvement at every stage, so that everyone involved in the audit process understands what we are doing and why we are doing it.
Audit Scheduling and Assignment
Internal Audit scheduling process begins with a review of activity for all school district accounts. Request or suggestions for audits and the results of recent solicitations are also included in the potential audit pool. To direct our audit efforts, we determine the projects or activities that may represent considerable risk or exposure of loss. We decide what factors to use in assessing risk, and then quantify the potential risk for each area. Projects considered to be high risk receive priority in Internal Audit’s long range audit plan. However, not all audits are scheduled on risk assessment result; some audits are performed to meet regulatory requirements
The Auditor will meet with management to discuss the nature and scope of the audit, and any other concerns management might have. Management should bring to the conference any personnel deemed appropriate.
The Auditor will gather sufficient evidence through observation, testing, inspection, ect., to provide a reasonable assurance of the audit conclusions. During this process, the Auditor will keep management informed on the progress of the audit.
Audit Exit Meeting
The Auditor will meet with management to discuss the audit results. The draft report is provided during the meeting for management’s review.
Draft Audit Report with Management’s Responses
The campus/department being audited receives a copy of the draft report to review for accuracy. In addition, management provides a corrective action for each audit finding to Internal Audit by the requested response date. Corrective actions must completely mitigate the control issue described by the audit findings, identify a responsible party for the corrective action, and contain an estimate target date by which the corrective action will be implemented.
The report is finalized to include the audit findings, recommendations, campus/department’s responses and auditor’s conclusion, and sent to the appropriate supervisors of the campus/ department.
Internal Audit performs a follow up audit to review and report on the extent of implementation of recommended corrective actions from the previous audits. Follow-up audits are performed on campuses/departments who had several significant findings and/or prior findings.
Length of Audit
Audits may vary in length depending on the audit period, volume of documentation, and the need to expand the audit scope.