The Office of Internal Audit conducts various types of audits, as follows:
Financial – This type of review focuses on determining whether accounting and financial transactions, including commitments, authorizations, and receipt and disbursement of funds are properly, accurately, and timely recorded into the financial system. This type of review also determines if there are sufficient controls over cash and other assets and that adequate process controls exist over the acquisition and use of resources. Unlike external financial audits which are conducted for the purpose of expressing an opinion on the University’s financial statements, an internal review of financial component transactions expresses no such opinion.
- Compliance – This type of review determines whether the University has substantially complied with the specific terms and conditions contained in Federal and local contracts and grants awarded to the University.
- Information Systems – This type of review focuses on understanding the internal control environment over the University’s automated information processing systems. Information systems reviews include reviews of general controls, application controls, and systems development. Accordingly, these reviews evaluate system input and output, processing controls, backup and recovery plans, system security, computer facilities and proposed controls for developing systems.
- Operational – This type of review is conducted to determine whether a University division, unit, function, or program manages and utilizes its resources economically and efficiently, accomplishes its operational goals and objectives, safeguards it assets, and complies with polices, procedures, laws, and regulations. Operational type audits often combine elements used to conduct financial, compliance, and information systems type audits.
The Office of Internal Audit also conducts non-audit services, as follows:
- Investigations – This type of review is initiated based on a good-faith report of wrongdoing brought forward to the Office of Internal Audit. The purpose of the review is to either corroborate or refute an allegation, make suggestions to correct deficient conditions, and bring forward to the Audit Committee and the President substantiated allegations so that appropriate disciplinary action can be taken to correct employee behavior and/or seek restitution on behalf of the University for any misappropriated University assets.
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UVI Audit Hotline: (340) 693-1576 E-mail: email@example.com