The audit process is a professionally conducted activity that relies on open communication between University Departments and the auditor for its success.
For our internal audits (non system-wide), we must perform a preliminary investigation, develop the scope and objectives, prepare the audit program, and develop the budget.
Once the auditor has been assigned a University unit to audit, he/she must formulate a plan for the audit. However, the auditor must first gain an understanding of the unit's operations and control environment. This understanding is obtained by performing a Preliminary Investigation. Once the Preliminary Investigation has been completed, the auditor will have completed the audit program, the time budget, the Planning/Preliminary Investigation section of the audit program, and the Internal Control section of the audit program. Below are the steps in performing the preliminary investigation:
It will be the responsibility of the UWF IAMC Department to coordinate the needs of any external auditors. The Associate Vice President or Coordinator will assist in setting entrance/exit conference meetings with management. Additionally, the UWF IAMC Department will act as liaison in securing the management representation letters, attorney letters, auditee responses, and any other correspondence for any external audit reports. These documents will be typed by IAMC personnel and distributed appropriately for signature and then submission to the external auditors. Examples of external auditors are: Auditor General (state auditors) for the financial, compliance, federal financial assistance, and QAR audits; and private CPA firms for the audits of the radio station, foundation, and athletic financial statements.