Internal Audit schedules core reviews as part of its annual work plan, as
approved by the Audit Subcommittee (UK Board of Trustees). Core reviews
evaluate control procedures (departmental processes) through utilization of
the COSO framework. COSO is considered a best practice for the implementation of
the Sarbanes-Oxley Act of 2002.
Internal Audit's objective is to provide reasonable assurance to Senior Management
that University objectives are being met.
Self Assessment Workshop
AVAILABLE ON DEMAND ONLY STARTING JULY 1, 2006.The self assessment workshop is
facilitated by a member of the Internal Audit staff. The objective of the review
is to develop action plans to address departmental weaknesses and to assess the
likelihood of achieving business objectives.
Compliance Review
A compliance review is a review of a department's compliance with
applicable laws, regulations, policies and/or procedures. The auditor will
test a statistically valid sample of data and/or transactions to verify
compliance within a stated confidence interval. This process does not
review the adequacy, communication or monitoring of UK's control
procedures.
Investigations
Internal Audit investigates improper activities that lead to a monetary or
physical loss to the University. Internal Audit investigates a single event.
Internal Audit's policy is to ensure that appropriate units
(ie. UK Police, Human Resources, or the Legal Department) are informed of the
investigations as warranted. The role of IA is to accurately document the event
and determine if a review of the condition is necessary. Regardless of an event
being reviewed, investigations are noted for trends.
Types of Services
Core Review
Internal Audit schedules core reviews as part of its annual work plan, as approved by the Audit Subcommittee (UK Board of Trustees). Core reviews evaluate control procedures (departmental processes) through utilization of the COSO framework. COSO is considered a best practice for the implementation of the Sarbanes-Oxley Act of 2002. Internal Audit's objective is to provide reasonable assurance to Senior Management that University objectives are being met.
Self Assessment Workshop
AVAILABLE ON DEMAND ONLY STARTING JULY 1, 2006. The self assessment workshop is facilitated by a member of the Internal Audit staff. The objective of the review is to develop action plans to address departmental weaknesses and to assess the likelihood of achieving business objectives.
Compliance Review
A compliance review is a review of a department's compliance with applicable laws, regulations, policies and/or procedures. The auditor will test a statistically valid sample of data and/or transactions to verify compliance within a stated confidence interval. This process does not review the adequacy, communication or monitoring of UK's control procedures.
Investigations
Internal Audit investigates improper activities that lead to a monetary or physical loss to the University. Internal Audit investigates a single event. Internal Audit's policy is to ensure that appropriate units (ie. UK Police, Human Resources, or the Legal Department) are informed of the investigations as warranted. The role of IA is to accurately document the event and determine if a review of the condition is necessary. Regardless of an event being reviewed, investigations are noted for trends.
Compliance Hotline and Investigations.