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Annual Audit Plan

 

Each year, we develop an Annual Audit Plan based upon a risk analysis of organizational units and business functions of the University. The analysis factors a combination of risk criteria (e.g., date/results of last audit, financial exposure, operational stability, public exposure, complexity of operations, regulatory impact) for each organizational unit. Risks are weighted based upon auditor judgment and information gathered from meetings with department and senior leadership. Broad audit coverage is targeted with higher risk quotients being reviewed on a more frequent basis than less risk-intensive units.

Once developed, we review the plan with University leadership and present the plan to the Audit Committee of the Board of Trust for approval.