… Internal Audit Process About The Internal Audit function promotes the concept that an audit is something we collectively work on with you, the audit client. In doing so, we believe in the importance of developing a partnership with you throughout the audit process. This allows us to provide assurance on the effectiveness and efficiency of your processes and assist you by focusing on areas you may want to prioritize to reach your department’s goals. Steps of Audit Process The following steps and specific examples of how to be actively involved will enhance the audit process and the resulting product (i.e., recommendations to reduce risks and improve your ability to fulfill your mission). Prior to Entrance Meeting When we notify you about an upcoming audit of your area, or if you have …
… control, and governance processes. Assurance Services Financial Audit A financial audit is a historically oriented, independent evaluation performed for the purpose of attesting to the fairness, accuracy, and reliability of financial data. The central objective is to ensure that the financial activity of the department, unit or area is completely and accurately reflected in the appropriate financial reports. Operational Audit An operational audit evaluates performance of a particular function or department to assess its efficiency and effectiveness. Financial data may be used, but the primary sources of evidence are the operational policies and achievements related to organizational objectives. Internal controls and efficiencies may be evaluated …
… Internal Audit Charter Purpose and Mission The purpose of South Dakota State University's internal audit function is to provide independent and objective assurance and consulting services designed to add value and improve the institution's operations. The internal audit function helps the institution accomplish its strategic and operational objectives by bringing a systematic and disciplined approach to evaluate and improve the adequacy and effectiveness of the institution's … Accordingly, the Internal Auditor will not implement internal controls, develop policies and procedures, install systems, prepare records, or assume any other role of management that may impair the Internal Auditor's independence or objectivity. If the Internal Auditor determines that independence or objectivity may be impaired, the details of impairment will be …
… Risk Assessment and Planning About The Internal Auditor prepares a risk assessment and an annual audit plan each year. The overall objective is to prepare a plan using a risk-based approach to ensure that areas … financial reporting to make management decisions. Financial risks may be unique depending on the specific objectives and functional responsibilities of each individual entity. Compliance Risks Risks which align to State and Federal requirements imposed through laws and regulations. Compliance risks exist due to specific requirements by compliance oversight … and activities specific to SDState with the greatest risks are identified for consideration to be audited, consistent with the Internal Audit Charter and the SDState's Strategic Plan. magnify glass over the word facts There are approximately 110 audit entities in SDState's “Audit Universe”. The Internal Auditor analyzes, evaluates, and identifies the inherent risk …