Audit Process

Audit projects are conducted in accordance with guidelines set forth in The University of Texas System’s Business Procedure Memorandum No. 18 and the Institute of Internal Auditor’s International Standards for the Professional Practice of Internal Auditing and are initiated as a result of:

• Annual Audit Plan
• Requests (i.e., Management, UT System, State Auditor’s Office)
• Fraud or Special Investigations

The Annual Audit Plan is designed to address relevant risks that may negatively impact University operations.  It is developed by the Office of Internal Audits using a risk-based methodology that includes any risks or control concerns identified by management, business and industry challenges, and student concerns.  The draft is submitted to the Audit Committee for review and approval in August and subsequently sent to the UT Board of Regents for approval.

The audit process steps include:

• Auditee Notification of Project
• Entrance Conference with Auditee
• Audit Work

Three primary phases to the engagement - Planning, Fieldwork, Reporting

• Exit Conference – Communicating results to Auditee
• Final Audit Report with Management Responses to Recommendations
• Follow-up Review