Annual audit plan and process

Annual audit plan

University Audit and Advisory Services performs financial, operational, compliance and IT audits according to the Annual Audit Plan. The Internal Audit Review Board and the Arizona Board of Regents Audit Committee approve the plan. 

The plan is determined by the Annual Risk Assessment and defined audit cycle. Audit planning is completed annually based on the risk classification and last audit date of each area. Audit scheduling is based on multiple factors such as the audit client's schedule, university initiatives and availability of university audit resources.

日本一本道a不卡免费The Internal Audit Plan evaluates risk exposures and effectiveness of control activities related to ASU's governance, operations and information systems regarding the:

  • compliance with laws, regulation and contracts

  • effectiveness and efficiency of operations

  • reliability and integrity of financial and operational information

  • 日本一本道a不卡免费safeguarding of assets

Factors considered in the risk assessment process

日本一本道a不卡免费Adequacy of internal controls

Level of external oversight

 

Changes to the environment

Likelihood of control failure

 

Financial impact of control failure

Management oversight

 

Human Resources

Operations and complexity

 

Legal and regulatory exposure Significance

Internal Audit Process and Methodology

日本一本道a不卡免费Approximately two weeks before a review, an audit announcement is sent to Senior Leadership stating the audit objectives and scope.

日本一本道a不卡免费The standard audit process includes the following phases: