Internal Audit

FAQs

What is Internal Audit?

When most people think of auditing the first thing that comes to mind is, financial auditing. While this is an important aspect of auditing, it is only one small facet. The Institute of Internal Auditors defines internal auditing as "an independent, objective assurance and consulting activity designed to add value and improve an organization's operations". It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

What are some typical services our office provides?

  • Consult with management and provide methodologies, facilitation, focus, knowledge, technology, best practices, and independence that help solve problems.
  • Verify the existence of university assets and ensure proper safeguards for their protection.
  • Evaluate the reliability and integrity of data produced by information systems.
  • Assess the extent of compliance of each area with applicable laws, regulations, accreditation standards, policies, and procedures.
  • Evaluate the adequacy of the internal control structure within a department or unit.
  • Investigate concerns relating to fraud, embezzlement, and theft.

What is reviewed and why?

Internal Audit develops an annual audit plan (work plan) to identify the engagement projects to be conducted during the upcoming fiscal year. Throughout the year the audit plan may be amended to include requested reviews, special projects, or changes in priority.

Some of the things we consider when developing our audit plan include:

  • To what extent is the process or area required to comply with state or federal regulations?
  • Is this area subject to a great deal of public scrutiny?
  • Has recent organizational change occurred?
  • What is the volume of activity?
  • How reliant is the area on technology?
  • When was the last time Internal Audit reviewed it?
  • Have concerns about conduct resulted in a requested review?
  • Does management have concerns that they’d like us to look into?  Concerns can be about the internal structure, regulations, complexity of operations, or any prior audit findings

The annual audit plan is reviewed and approved by the Audit Committee of the UNCP Board of Trustees and the Chancellor.