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.