What types of audits are conducted?
There are many different types of audits. An audit may be of one or more of the following types: • Financial These audits are examinations of financial transactions and systems/procedures used to process them. These types of audits may also include assessment of balances or amounts on financial statements or reports. • Compliance Compliance audits determine the degree to which the University or a University unit adheres to laws, regulations, policies, procedures, or contract agreements. • Operational/Performance Operational audits are designed to test the efficiency and economy of operations. Performance audits are designed to audit progress towards goals or objectives established by University management. • Investigative Internal Audit undertakes investigative audits when circumstances or evidence suggest a fiscal irregularity involving University resources. • Follow-up Audits This work determines whether management has taken appropriate, effective and timely action to address previou
