Types of Audits
Auditing Services conducts the following audits and reviews:
Risk-based Operational Audits
Auditing Services performs an annual risk-assessment of University departments, programs and processes (auditable entities). Entities with the highest risk are selected for audit. Operational audits examine whether an entity is using available resources in the most effective, efficient and economical manner to achieve its mission and objectives. This can include analyzing whether good business practices and internal controls are followed, and whether operations or programs are carried out in accordance with established policies, rules and regulations.
Compliance Audits
Auditing Services conducts compliance audits either due to concerns identified during the annual risk assessment or at the request of management. Compliance audits review whether or not an entity is in compliance with established policies, procedures, laws, regulations, or grant agreements. In addition, Auditing Services conducts a NCAA compliance audit of ISU Athletics every four years.
Special Request Reviews
Auditing Services performs special request audits, reviews or analysis at the request of the ISU Audit Committee, president, vice presidents, State Board of Education or external regulatory agencies. These reviews are limited in scope and usually result in new policies or procedures. Special request reviews may be limited to information gathering or data analysis.
Follow-up Reviews
Auditing Services reviews management action plans implemented based on a previous audit or review. The purpose of these reviews is to ensure management follows through with proposed actions to resolve deficiencies or improve processes.
Investigations
Auditing Services investigates allegations of misconduct related to fraud, waste, abuse and non-compliance. Investigations are initiated due to complaints, accusations or employee/student concerns. They may also be initiated at the request of management. Investigations involve the examination of records and interview of employees to determine if any illegal or non-compliant activities have taken place.
Purchase Card Audits
Auditing Services conducts an audit of each purchase card holder at least annually. These audits involve the review of receipts, card policy compliance and the appropriateness of purchases. Card holders are expected to maintain adequate records and to follow purchase card policies.
Verification of Assets
Auditing Services conducts unannounced counts of change and petty cash funds to ensure proper fund balances are maintained and cash handling policies are followed. Auditing Services also verifies year-end inventory counts and performs spot checks of equipment and other valuable assets.
Additional services:
- Consultative Services
- External auditor support