The fiscal year 2024 Audit Plan was approved by the Audit, Compliance and Enterprise Risk Management Committee April 27, 2023:
The audit areas selected were based on a robust risk-based process. The Internal Audit Department collaborates with board members and senior management to evaluate risk areas within the University. Internal audit also uses objective measures to aid in the audit selection process like number of days since last audit, turnover, operating expenses, etc.
The Internal Audit Department is an independent and objective assurance and consulting activity guided by a philosophy of adding value to improve the operations of the University. It assists the University in accomplishing its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the University’s governance, risk management, and internal controls.
The Internal Audit Department will hold the annual kick-off meeting for all areas included in the FY 2024 audit plan. This meeting is optional and is intended for those who are not familiar with the internal audit process.
Areas included in the audit plan will receive an invitation to this meeting, which will be in June.