| | TABLE OF CONTENTS |
 How are Internal Audits planned?
How are departments selected for an internal audit?
How can I cooperate with Internal Audit at AUB?
What is Internal Auditing?
What occurs during an audit?
Who audits the Internal Audit Office?
Why us?
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| | Q: How are Internal Audits planned? |  |
| | A: The Internal Audit Office periodically performs assessments of all University operating units and control functions to identify areas of potential institutional risk. Based on these discussions and assessments with management, the Director of Internal Audit recommends an annual audit plan, which is approved by the Audit Committee of the Board of Trustees.
The Internal Audit Office also responds to special requests from University and department management, inquiries received from members of the AUB community, and special requests from external parties.
Last updated: 6/11/2009 By: smh10@aub.edu.lb |
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| | Q: How are departments selected for an internal audit? | |
| | A: Areas are selected for internal audit based on an assessment of institutional risk. Risk can take various forms such as loss of assets, loss of receipts, inappropriate payment of expenses, failure to properly record transactions accurately, errors or omissions (either accidental or intentional), or failure to follow management´s established policies and procedures. Areas with a high degree of expected risk are subject to more frequent audit.
Some audits are discretionary and involve departmental, operational, or process reviews. The Director of Internal Audit schedules these reviews in consultation with the University senior management. The Director of Internal Audit prioritizes audits based on the following factors:
1) Assessment of risk
2) Management requests
3) Significant organizational policy or procedural changes
4) Information system installation or modification
Last updated: 6/11/2009 By: smh10@aub.edu.lb |
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| | Q: How can I cooperate with Internal Audit at AUB? | |
| | A: Each audit engagement has a defined scope and objectives. Any auditor requesting information from you should be able to explain the audit´s purpose and objectives so you can understand the reasons for questions being asked and provide accurate answers.
The audit process works best when we have a shared working relationship. We hope you will extend relationship beyond a particular audit. We have developed an understanding of your operation and are available to consult on organizational or operational changes.
When you understand the audit´s purpose, you can assist by either providing relevant information or, if you are not the best source of the requested information, directing the auditor to the right person or office.
If you have questions or concerns about information being requested, it is appropriate to discuss those concerns with the auditor, an Internal Audit Manager, or the Director of Internal Audit.
Last updated: 6/11/2009 By: smh10@aub.edu.lb |
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| | Q: What is Internal Auditing? | |
| | A: Internal Auditing is the process of evaluating and improving an organization´s operations. Auditing helps an organization achieve its objectives by systematically evaluating and improving the effectiveness of risk management and control processes.
URL: www.aub.edu.lb/~webaudit/
Last updated: 6/11/2009 By: aa08@aub.edu.lb |
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| | Q: What occurs during an audit? | |
| | A: Common elements of an internal audit engagement includes the following:
1. Scheduling an opening meeting to discuss audit objectives, timing, and scope of work
2. Evaluating internal control systems
3. Testing to ensure proper operation of internal control systems
4. Developing conclusions and suggesting recommendations based on results
5. Reviewing audit control issues and draft audit reports with management and staff
6. Preparing and distributing to the Audit Committee and management an audit report which generally include management´s responses to the control issues raised
7. Following up to ensure that all audit recommendations have been implemented
Last updated: 6/11/2009 By: smh10@aub.edu.lb |
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| | Q: Who audits the Internal Audit Office? | |
| | A: An outside review team performs a peer review and assesses the quality of our function and makes recommendations directly to the Audit Committee
Last updated: 6/11/2009 By: smh10@aub.edu.lb |
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| | Q: Why us? | |
| | A: Auditees frequently ask "Why us?" or "What did we do wrong?" when being audited. Departments may be audited because
1) Manager requested a review of the area,
2) Regulatory audit instituted by law, or
3) Organizational policy or procedural changes have occurred that should be reviewed. The review will assist management in ensuring that the area is complying with policies and procedures. Recommendations are aimed at improving a process, increasing efficiency in an operation, or improving internal controls
Last updated: 6/11/2009 By: smh10@aub.edu.lb |
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