Frequently Asked QuestionsWhy and how was our campus/department chosen for an audit?
The Internal Audit Department develops an annual audit plan based on an annual risk assessment. However, not all audits are scheduled based on risk assessment results; some audits are performed to meet regulatory requirements. The Board of Trustees, as well as Ector County Independent School District management can also recommend areas of interest to be reviewed. The audit plan is presented to the Board of Trustees, through Governance Committee, and the Superintendent.What is the audit reporting process and timeline?
The reporting process is ongoing throughout the audit process. During the audit, the auditor will provide updates regarding findings and audit status. The auditor will also ask questions at the end of fieldwork to clarify any specific areas. At the Audit Exit Meeting, a draft presentation of the audit report, will then be provided to management of the area reviewed. Management will be given two weeks to provide corrective actions. Once responses are received, the Internal Audit Department will issue the final report. The final audit reports are distributed to appropriate management personnel; and if necessary, distributed to the Board of Trustees through the Governance Committee.
How long will the audit take?
Audits may vary in length depending on the audit period, volume of documentation, and the need to expand the audit scope. Internal Audit makes every effort to inform management of the timeline for their particular audit and provide updates to keep administrators aware of the audit status.What is management’s responsibility once the audit report is issued?
Management has a responsibility to address all audit recommendations and to take appropriate action to insure recommendations are implemented within their area.What can management do to prepare for an audit once informed of a scheduled audit?
Management can expect to be interviewed by the auditor and to discuss the details of the audit at the arrival of the auditor. For student activity fund audits, the auditor will send an e-mail to notify management of the documentation needed for their particular audit once the audit is scheduled.Can an audit be requested?
Yes. Concerned parties can request audits for areas of interest or concern by notifying management’s supervisors or contacting Internal Audit directly.
What is a follow-up audit?
The follow-up process is a review performed by Internal Audit to verify the status of prior audit report recommendations. Follow-up audits may review only specific areas from the prior audit to ensure recommendations have been implemented and the controls are working. While a follow-up is mainly addressing prior audit issues, during the process some issues could arise outside the normal scope of the follow-up.
Are follow-up audits performed on all audits? If so, how soon after the audit is completed can the follow-up be expected?
Follow-up audits will be performed on audit reports that have several findings or prior findings. Follow-up audits will be completed at the Auditors discretion and will be unannounced.
What are internal controls?
Internal controls are reviews, checks and balances, and procedures implemented and enforced by management to:
• Operate in an effective and efficient manner to achieve goals
• Safeguard assets and inventory
• Deter and detect errors, fraud, and theft.
Are Internal Auditors responsible for internal controls?
Management is responsible for maintaining an adequate system of internal control. Internal auditors independently evaluate the adequacy of the existing internal control systems by analyzing and testing controls. The Internal Audit Department makes recommendations, based on their review, to management to improve controls.