Types of Audits Performed
Financial Audits:
During financial audits, we determine whether historical financial information fairly presents the financial position and results of operations. In order to form an opinion, we examine the internal control structure and test transactions surrounding economic events. Financial audits are not primarily intended to evaluate management's effectiveness or efficiency. As a result, comments and recommendations about operational matters are byproducts of a financial audit rather than the main objective. Financial audits are generally more limited in scope than operational audits and are concerned primarily in the review of specific financial transactions and the adequacy of controls.
Operational Audits:
Operational audits, also known as performance or managerial audits, are aimed at assessing an operation's effectiveness. An operational audit measures and evaluates administrative control against standards set by management including long range plans, budgets, and operating policies and procedures. Although financial data continues to be the base of reference, we look beyond the figures to provide assistance toward improving operations.
Compliance Audits:
Compliance audits determine the degree of adherence to institutional policies and procedures, as well as applicable laws, regulations and terms of contracts.
Investigative Audits:
These audits are done to investigate incidents of possible fraud or misappropriation of University funds. These types of audits call for the coordination of effort with department/division heads from the area where the incident may have occurred, Budget & Finance and University Police. Investigative audits differ from other audits because they are normally conducted without first notifying the personnel who may be affected by the findings.