An Annual Audit Plan is prepared each summer for the following fiscal year. As required by statute, this plan is based upon an assessment of risk, which is performed by the Office of Audits and Analysis in the period preceding plan development.
Typically, the risk assessment process includes interviewing managers to develop a “baseline” of information about activities, objectives, risks, and mitigating controls. This process takes about 30 minutes. In some years, managers will be asked merely to update the information with any changes. This assessment is NOT an audit. Rather, it collects information to enable the Office of Audits and Analysis to determine where it can best spend its resources.
This Risk Assessment, supplemented by information from management and the Board of Regents, is used by the Office of Audits and Analysis to develop the Annual Audit Plan, which is submitted to the Board of Regents for their approval at the August Board meeting.
Changes to the plan, however, are often required to adapt to changing circumstances and unidentified risks.
To view a copy of the Audit Plan, click the Audit Plan link below. Please note that it is in PDF format and you will need to download a copy of the Adobe Reader if you don't already have one. You may download a free copy now by going to http://www.adobe.com/products/acrobat/readstep.html.
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