What Is The Audit Divisions Responsibility?
The MIT Audit Division provides an objective evaluation of the adequacy of internal controls and reports the results to Institute senior management and the Corporation Auditing Committee. Auditors look at how the internal controls within an operation work together to make up the internal control structure. Auditors gather information about the mission and processes of the DLC, discusses the major objectives with the AO, and identifies control points within each process where an error, irregularity, or inefficiency is likely to occur.The auditor documents existing controls at each significant control point, evaluates the adequacy of the controls to ensure achievement of the objective, and then tests the controls to verify they are working as described. Further discussions with the AO focus on control risks, AO insights, and potential control enhancements. When risks are greater, more extensive controls are warranted.The auditor’s evaluation may include an examination of some or all of t
