What are some different types of audits?
OPERATIONAL AUDITS Operational audits are the most common type of audit. Operating procedures, document flow, and internal controls are reviewed in detail. Operational audits assess the effective and efficient use of resources while accomplishing the area’s goals and objectives. COMPLIANCE AUDITS Compliance audits assess the degree to which the area has adhered to laws, rules, regulations, policies and procedures. Compliance may be reviewed for adherence to Federal, State and local laws, along with other regulatory agencies such as NJCAA. FINANCIAL AUDITS Financial audits address issues related to the proper accounting and reporting of financial transactions, including authorizations, cash receipts, cash disbursements, and commitments to purchase. INVESTIGATIVE AUDITS Investigative audits are performed when required and are the result of alleged acts of fraud or other misconduct. Alleged white-collar crime, misuse of College assets, and conflicts of interest are examples of reasons for
