Internal Audit accomplishes its mission by developing an annual audit plan, which is reviewed and approved by the Finance/Audit Committee for the USI Board of Trustees. The audit plan will include some or all of the following types of audits:
- Determines if departments are complying with applicable Federal or State laws, NCAA and OSHA regulations, and University policies and procedures
- Recommendations from these audits usually require improvements in processes and controls used to ensure compliance with regulations
- Reviews accounting and financial transactions to determine if commitments, authorization, receipt, and disbursement of funds are properly and accurately recorded and reported
- Determines if there are sufficient controls over cash and other assets and if adequate process controls exist for the acquisition and use of resources
- Examines an operating process to determine if resources are being used in the most efficient and effective way to meet the unit's mission and objectives
- Internal control reviews are a major portion of an operational audit
- Activities such as cash handling, procurement, equipment inventories, and human resources services are generally subject to this type of audit
- Reviews the internal control environment of automated information processing systems and how people use these systems
- Evaluates system input and output processing controls, backup and recovery plans, system security, and computer facilities
- May result from findings during a routine audit or from information received from personnel
- Audits are specialized and tailored to the circumstances and can include investigation of alleged violations of laws, regulations or University policy
