The Audit Process

Although every audit is unique, similarities can be found in each one. The typical a​udit process consists of:

Audit AnnouncementPlanned audit start dates for the most recent 12-weeks are provided at CABO meetings. The assigned A&AS audit manager contacts the campus audit contact normally 6 - 8 weeks prior to the audit start date to formally announce the audit.
Internal Control Questionnaire and Request For Documents (ICQRFD)An ICQRFD is typically included with the audit announcement. The campus audit contact is requested to work with the affected parties to complete the ICQRFD and to submit the completed ICQ and provide all the requested documents to A&AS one (1) week prior to the auditor arriving on campus, unless otherwise requested.
Entrance LetterAn entrance letter is sent to the campus president about two weeks before the audit start date to provide some background information for the review.
Audit FieldworkThe A&AS auditor visits the campus to complete the audit program, which normally takes about 3 - 5 weeks depending on the nature of the audit subject.
Audit Entrance ConferenceThe audit entrance conference takes place the first day the A&AS auditor is on campus. Representatives from the affected area(s) are invited, and the A&AS auditor outlines audit objectives, approximate time schedules, types of audit tests, and the audit report process.
Weekly Status MeetingRepresentatives from the affected area(s) are invited, and the A&AS auditor discusses any potential audit observations and outstanding document requests. This allows the campus parties to discuss or clarify issues before they become audit observations and helps keep the audit on schedule.
Informal Exit ConferenceThe informal exit conference takes place on the last day the A&AS auditor is on campus. The division VP or designee and representatives from the affected parties are invited. The A&AS auditor discusses the observations and answers any questions. The campus still has an opportunity to provide more information if it disagrees with any of the observations.
Preliminary Draft ReportA&AS issues a preliminary draft report 4 - 8 weeks after the audit fieldwork. The campus has 7 days to review and propose any changes to the draft report and exercise the option to forgo the formal exit conference. The assigned A&AS assistant vice chancellor and audit manager review the proposed changes, seeks concurrence from the vice chancellor and chief audit officer (VCCAO), and either accepts (all or partial) or denies the changes or proposes alternate text. The campus can then immediately review the preliminary draft again until an agreement is reached.
Formal Exit ConferenceIf no agreement can be reached for the preliminary draft report, the campus can request a formal exit conference to discuss the audit results with the VCCAO.
Incomplete Draft ReportA&AS issues an incomplete draft report once an agreement has been reached on the preliminary draft report. The campus has 15 days to submit a management response and corrective action plan with a time estimate for completion for each observation.
Acceptance of Audit Report and Clearance of Recommendations After A&AS accepts the management response, the campus needs to submit appropriate documentation to support completion​ of the corrective action in accordance with the estimated timeline provided in the management response (normally within 6 months of the report date). Once A&AS accepts the campus supporting documentation, the recommendations will be cleared and the audit is complete.

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