Internal Audit Process Flow Chart

Audit Manager/AD performs final review of work papers and report, then edits report as appropriate. Under no circumstances should the report move past this point unless the work paper review is complete and notes are cleared. Final draft of report is reviewed during a meeting with Audit Manager/AD and Director. If Director chooses not to meet, its important to allow ample time for report review prior to the exit conference.

Audit Manager/AD proposes audit timing and staffing assignments

Entrance Conference held with Client, Auditor, Audit Manager/AD and Director

Director approves audit timing and assigned staffing

Auditor moves forward with audit work and discusses testing methodology, attributes, etc. with manager. .

Audit Manager/AD sends engagement email to the audit client making them aware of the audit. Make sure to cc: Director and Auditor and VP of area under review

Manager reviews work papers as necessary and as available during the fieldwork.

Exit Conference with client, Auditor, Audit Manager/AD and Director.

As issues are identifed, they are verbally discussed with the client to confirm understanding.

Audit Manager/AD emails Client Survey

Auditor conducts planning phase including Audit Manager/AD in planning meetings/ discussions

Comment sheets are prepared for each issue identified in the audit

Audit report and BOR stop light color finalized and signed. Audit Summary completed and sent to Bronwyn Report presented to President or Delegate and distributed as per individual universitys process. Auditor contacts units periodically to ensure that management is making progress against the action plans.

Risk Analysis Matrix (RAM)prepared by auditor and approved by Manager/ AD Planning work papers reviewed at this time

Comments reviewed and discussed with Audit Manager/AD prior to presentation to client. Sensitive/serious issues escalated to Director

Auditor develops audit objectives and test steps based on RAM and reviews with the Audit Manager /AD

Comments discussed with audit client in person, including Audit Manager/AD as optional.

Comment sheets emailed to client within 5 working days of discussion with audit client Audit Manager/AD presents recommended audit program to Director for final approval. Audit Manager/AD documents meeting and gives to Auditor for inclusion in WPs

Follow-up audit work is done to confirm recommendations have been adequately addressed. Audit manager/ AD communicates status to Director

Auditor drafts follow-up memo and completes work papers Auditor requests and receives management responses and timelines and discusses/refines with Audit Manager/AD

Audit Manager/AD reviews/ edits the report and reviews work papers.

Auditor schedules entrance conference with the client

Auditor drafts report

Auditor sends revised followup memo to Director and gets his approval.

Memo distributed

Updated 05/27/09