Audit / Review Process

1.  Planning – Defining the objective, scope and timing of the audit/review.

• Perform assessment to define the audit objectives and scope.
• Have an entrance meeting with the auditee to cover and agree on the audit objectives, scope, timing, personnel involved and other related issues.
• Incorporate auditee or the University’s management concerns in the audit/review scope whenever applicable.
• Notify the auditee's Unit Head, line managers and other relevant parties about the audit.

2.  Fieldwork – Performing audit/review procedures which include, but not limited to the following tasks:

• Review relevant policies, procedures manual, records, documents, data, and computer systems.
• Interview relevant staff members on procedures, practices and any concerns that they may have.
• Perform system walkthrough, audit tests, and/or analysis.
• Evaluate the adequacy and effectiveness of internal controls.
• Discuss audit results, findings and recommendations with the auditee’s Unit Head and responsible line managers.

3.  Reporting – Communicating audit/review results to the auditee, affected units, President, and Audit Committee.

• Circulate an initial draft report to the auditee first and then have an exit meeting with them to go over the audit results, findings and recommendations.
• Issue a draft report to the auditee after the exit meeting and revise it to reflect subsequent factual confirmation and/or further input/comment if necessary.
• Finalize the audit report and send it to the auditee’s Unit Head with a request for written management response plus implementation timeline for each finding & recommendation.
• Report major audit findings and recommendations along with management responses to the University’s President and the Audit Committee.

4.  Follow-up – Ensuring that management actions have been effectively implemented.

• Review the auditee’s periodic submission of their implementation status.
• Follow-up overdue items with the auditee’s Unit Head and escalate them to the unit’s supervisor of Senior Management if necessary.
• Report the implementation status of all major audit findings and recommendations to the University’s President and the Audit Committee.