As an independent advisor to Ohio University’s (OHIO) administration, Internal Audit is charged with providing an independent, objective assessment of University operations to determine if management is taking the necessary steps to provide assurance that resources are managed effectively and in accordance with all applicable rules, regulations, and procedures.
The audit process of the University is a never-ending cycle. It begins in May, with an annual Internal Audit risk assessment of the University.This consists of interviewing with the CIO, Vice President for Finance and Administration, or any other executive officers that may have an opinion on the overall view of the University. A risk analysis is then performed on each department consisting of the level of public and outside influence, personnel and management, technology, the internal control environment, the inherent risk, and the regulatory requirements and materiality. More information on risk assessments can be read here.
After reviewing the results of the analysis, an audit plan for the year is put together. This annual audit plan is approved by the Board of Trustees (Board). Input from the Board, University administration, and the Internal Audit staff is also considered for the annual audit plan.
After the audit process is completed for each of the scheduled departments a follow-up audit is performed the subsequent fiscal year to determine if progress towards corrective actions has been taken. The results of this audit will appear before the Audit Committee to discuss effectiveness of the corrective actions.
OHIO must comply with a variety of rules, statutes, and regulations such as federal and state laws, grant requirements, etc. We will review compliance with those pertinent to the department selected and with OHIO policies and procedures. These are located on the Web at http://www.ohio.edu/policy/.
Internal audit reviews can help you determine whether there are appropriate internal controls over your administrative processes and systems. We can also show you ways to improve the efficiency and effectiveness of your operations.