How are university areas selected for audits?
Areas are selected for review in several ways: our annual audit risk analysis, state or federal requirements, and special requests or other circumstances such as investigations. Each year the audit staff performs a risk analysis of UT departments or auditable areas to determine next year’s audit schedule. The following factors are considered in determining the relative risk of each area to the university: • Findings from prior audits • Time since last audit • Size and/or complexity of operations (by budget or transactions) • Whether the department collects revenue and/or volume of collections • Recent changes in management, staff, and/or operating systems • Public sensitivity • Evaluation of internal controls • Comments and concerns of senior management We use this information to establish priorities and develop our annual audit schedule. Because Internal Audit operates as a service to management, our schedule is open to possible revision any time during the fiscal year to accommodate
