The audit process has four phases, each one requiring the involvement of our audit clients. During planning we work with you to understand and learn about your area so that we can evaluate the processes and controls currently in place. Fieldwork consists of specific testing scenarios or steps to identify areas for improvement. Communication of our results takes place through a transparent reporting process and finally, follow-up, is where we come back to you after a determined period of time to reassess the progress made against the agreed upon management action plans.
Client Involvement
The most important items needed from the client for a successful audit are cooperation and good communication with the auditor. Here are some specific examples of what the client can do to facilitate the audit process:
- Schedule personnel for audit activities such as interviews, observation, or walkthroughs
- Make the pertinent data, records, and technology resources available to the auditor
- Review preliminary findings and provide written responses regarding corrective actions and specified time frames
- Establish and maintain required controls
- Share your concerns with the auditor
- Review the audit objectives and scope presented for your area, and ask questions if you don't understand why certain activities have been included or excluded
- Be proactive, monitor and report progress of your corrective actions to the auditor
How Can We Help You?
The Office of Internal Audit has a staff of professionals with the education, experience, and credentials to make a positive impact in your area.
- We have experience from a variety of corporate and not-for-profit industries.
- We possess advanced degrees, professional designations, and licenses.
- In order to maintain our professional certifications and stay up-to-date on the latest issues impacting the university, we attend continuing education programs at both the national and local level.
Our recommendations are designed to help you manage your operation more efficiently, resulting in a more effective use of resources. This might include alternate ways of approaching a problem based on our encountering similar situations in other areas. As a result, we can identify strengths and weaknesses in processes quickly and make practical recommendations. This will save you time and money on a variety of matters, and ensure that your operation is based on sound business practices and is in compliance with university, Board of Regents, and State policies, procedures, and regulations.
We work closely with university leadership and a variety of other internal entities. This access, along with our experience, provides us with a broad prospective which we can employ to benefit your operation.
Types of Audits
Operational
Comprehensive reviews of an office, program or process to evaluate fundamental business practices to ensure there are adequate internal controls as well as operational efficiency and effectiveness.
Compliance
Measure adherence with:
- Iowa State University and Board of Regents policies and procedures.
- State and Federal laws and regulations.
- NCAA Bylaws.
- Sponsor grant and contract requirements.
- Donor restrictions on use of funds.
Investigative
Identify the facts and circumstances of possible fraud or misappropriation of the organization's assets.
Information Systems
Analyze the effectiveness, efficiency, confidentiality, integrity, availability, compliance, and reliability of data and programs on computer and communication systems.