Expectation From Internal Auditing

Analysis of Operation Assessing Internal Controls Assessment of Risk Recommending improvement of Corporate Governance Evaluating Emerging Technologies Detecting & Deterring Frauds Analyzing the effectiveness of policies & procedures Identifying opportunities to save

WHAT AUDIT REVEALS?

Opportunity? Threat? Hazard? Uncertainty? Upside? Downside? Some of the above? All of the above?

Internal Audit - Responsibility and Authority

The internal audit function is mandated by Texas Government Code (Texas Internal Auditing Act of 1993).
Internal Audit is a system function responsible for UNT Denton, UNT Health Science Center, and UNT Dallas. Internal Audit reports directly to the UNT System Board of Regents. Regent Rule 04.501 is the Charter for Internal Auditing at UNT.

Internal Audit - Scope of Services

Review the reliability and integrity of financial and operating information and the means used to identify, measure, classify, and report such information.

Evaluate compliance with policies, plans, procedures, laws, and regulations.

Study processes being used to assure the most efficient and effective use of all University resources. Evaluate the means used to safeguard assets and, when appropriate, verify the physical location of assets. Review operations or programs to ascertain whether results are consistent with established objectives and goals, and whether the operations or programs are being carried out as planned. Support and assist with investigations of employee dishonesty and theft when requested.

Provide customized training to UNT operating units on accountability, internal control, and fraud awareness.

Which area might be selected for review?

Part of the annual risk-based project plan.

Investigation requests.
Random selection based on various inputs. Special requests from administration, external regulatory bodies, or other authorities.

Why an audit is requested?

An audit can provide benefits to you as an administrator If you have recently assumed new or additional supervisory responsibilities. If operations have been significantly modified, Internal Audit can review procedures to assess whether internal controls are adequate. A periodic checkup to review your unit's activities can help ensure that your procedures continue to comply with University policy. An audit really is an opportunity to receive an independent assessment of the effectiveness and efficiency of your unit's activities.

When to contact Internal Audit Team?

If you identify loss or theft of state funds you must report it to the University Police and Internal Audit immediately. UNT Policy 2.1.3 If you believe a suspected activity may involve fraud or dishonest activity, you should contact Internal Audit Team