How are we selected for an audit?
Generally, units are selected for audits using a risk assessment framework that considers their importance, perceived risk and/or significance to the University. Audits are also conducted each year because of management request, compliance review or investigation.
What does a typical audit include?
The Audit Process outlines the major steps and outcomes of a typical audit performed at UK.
How can I best work with the auditors at the University of Kentucky?
Your first contact with us is usually during the planning stage. You can assist by either providing relevant information or directing the auditor to the right person or office. Each auditor that requests information can explain the audit's purpose and objectives, so you can understand why questions are being asked, and provide accurate answers. If you have questions or concerns about the information being requested, it is appropriate to discuss those concerns with the auditor.
What information is off-limits to Internal Audit?
In accordance with Internal Audit's Charter, signed by the University's President and a representative of the Board of Trustees, "all Internal Audit personnel have unlimited and unrestricted access to all data, records, files, property and personnel of the University."
Do we get a chance to respond to an audit?
Your input is considered during all stages of the audit. Formal management's response to audit observations is included in the final audit report.
Who gets the final audit report?
Audit reports are sent to the management of the unit being audited and, as warranted, University Administration.
What should I do if a theft occurs?
You should immediately report it to your supervisor. If you do not feel comfortable reporting the theft to your supervisor, you may report it anonymously to the Comply Line, UK Police or the UK Internal Audit Department. Supervisors reporting thefts at UK should follow UK's Business Procedure E-2-9.
What is Internal Audit's reporting structure?
Internal auditors are University of Kentucky employees reporting administratively to the Executive Vice President for Finance and Administration and functionally to the Audit Committee of the Board of Trustees.
Who audits the Internal Audit Department?
Per the Standards of the Institute of Internal Auditors (IIA), peer reviews are required every five years. The peer review is conducted by an external committee assessing the effectiveness of the Internal Audit function. Information about UKIA's most recent audit can be found here.
What is the role of UK's External Auditors?
External auditors are employees of public accounting firms who primarily perform the annual consolidated financial statements audit for the University. External auditors are charged with providing a documented opinion stating whether or not the consolidated financial statements are fairly presented, "in all material respects."