Audit Plan

The audit plan is designed to act as a guide or roadmap for us as we do the audit itself. An audit plan is not cut in stone and will be modified during an audit if circumstances require it. However, having a written plan ensures that we cover all the areas deemed important and complete the necessary tests to answer our questions.

Typical audit areas and objectives include:

Revenue - we try to determine where your revenue comes from, is it being collected and reported correctly,
Operating Expenditures - we try to determine if non-payroll expenditures are reasonable, do they comply with University policy, and are they properly authorized and adequately documented.
Financial Management & Reporting - we try to determine what financial information is needed to meet your department's and the University's needs; if the reports and information generated by your internal systems are adequate, and complete; and if the information in those reports accurately reflects the University records.
Payroll & Personnel - we try to determine if various records are complete and properly approved, do procedures comply with University policy, and do the practices and procedures used ensure adequate internal control .
Computers - we try to determine if internal controls for computers, data, networks and systems are adequate.
Assets - we try to determine if there is adequate accountability and control over the various assets under your department's jurisdiction.
Cash Funds - we try to determine if security and accountability for cash funds is adequate, are sound business practices used in handling funds and do departmental procedures comply with University policy.
Applicable Policies/Procedures/Rules/Regulations/Statutes - we try to determine if you are in compliance with those policies/procedures/rules/regulations and statutes that are applicable to your department.

 

After the basic audit plan is finalized, we will begin the on-site phase of the audit process.