Audit Process

1. Audit Plan

Audit in a Unit is included in the annual audit plan.

2. Terms of Reference

Terms of Reference are developed for the audit project.

3. Planning Meeting

Planning meeting is scheduled by the Office of Internal Audit with the management of an audited Unit to discuss:

• Terms of Reference
• audit process
• questions and concerns.

4. Field Work

Field work is performed:

• formal and informal meetings or discussions with employees in an audited area
• walkthrough of systems and processes
• examination of financial documentation
• evaluation of IT systems used
• transaction testing.

5. Draft Audit Report

Draft Audit Report is prepared with observations and potential recommendations.

6. Close-Out Meeting

Close-out meeting is scheduled by the Office of Internal Audit with the management of an audited Unit to discuss:

• Draft Audit Report
• next steps
• questions and concerns.

7. Management Responses

Management of an audited Unit is given 30 days to provide formal management responses to audit observations and recommendations.

8. Final Audit Report

Final audit report is issued, which includes management responses.

9. Follow-up and Monitoring

Follow-up reviews and monitoring of outstanding audit recommendations is performed twice a year (June-July and November-December) until all recommendations are closed.

If you have questions, please visit FAQ page or contact the University Internal Auditor at yulia.yevlanova@uregina.ca or 306-337-3127.