How are audits chosen?
Each year IAAS prepares an assessment of risk exposures that may affect the University. An audit plan is then developed based on this assessment. The objective of the audit plan is to provide University management with information needed to mitigate those risks. IAAS has prepared a plan which includes cyclical internal control reviews of campus units as well as audits focused on areas or processes identified in the audit risk assessment. A variety of factors are used to prioritize these audits including dollar materiality, quality of internal controls, degree of change or stability, complexity, and length of time since the last engagement. Available audit hours are also considered. The audit plan is revised and changed throughout the year. Every year the Audit Director provides the University President with an audit plan for his approval.
