THE AUDIT PROCESS
Each audit is unique and can take from two to eight weeks to complete. The audit process is directed by the professional Standards established by the Institute of Internal Auditors. Once your department or function has been selected for audit, your audit will follow four general stages: Planning, Field Work, Audit Report and Follow-up.
During this phase Internal Audit will review the files of prior audits in your area (if any), review applicable laws and regulations, research any policies or other applicable documentation and gather preliminary data.
Often times, Internal Audit will set-up an initial meeting called the "entrance conference". This is a meeting between applicable personnel of the area being audited and Internal Audit. This meeting introduces you to what will occur on the audit and allows you the opportunity to share any concerns you have. For example, if there is a particular process or procedure in your area you would like reviewed, let Internal Audit know at this meeting.
II. Fieldwork
During this phase Internal Audit will perform analytical reviews and test documents and other applicable data pertinent to the audit in order to evaluate your operations to ensure the following:
- Your operations are consistent with established objectives/goals.
- Your department is utilizing resources economically and efficiently.
- You have sufficient control over assets to assure their existence and protection from loss that could result from theft, fire, exposure from the elements, or improper or illegal activities.
- You have controls over financial information to assure it is reliable and accurate.
During fieldwork, Internal Audit will likely interview employees in the department to inquire about their duties. This work will be performed on site at the area being audited and also in the Office of the Internal Auditor.
At the conclusion of fieldwork, Internal Audit will meet with the applicable personnel to review and discuss the findings and recommendations. At this meeting, you will be given an informal discussion draft of the report and you will be requested to provide a response to the recommendations. Your responses or action plans will be included in the final audit report.
III. Report
When all issues have been addressed, final copies of the audit report will be sent to the Board of Regents, Superintendent and other applicable personnel.
IV. Follow-up
After adequate time is allowed for management to implement the recommendations, Internal Audit will follow-up with your department to perform various procedures to ascertain that the recommended improvements are made. Management's decision not to implement a recommendation is their implied assumption of any risk associated with such a decision. The results of the follow-up are communicated to the Superintendent and/or the Board of Regents.
Contact: auditor@nmmi.edu
phone: 624-8078
Office: Lusk Hall
Office Hours: M-F 0730-1630