Internal Audit
Queen's University-
Audit Services
- Types of Audit Reviews
- Selection of a Department / Unit Audit
- The Audit Process
Selection of a Departmental / Unit Audit
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A risk assessment of all units in the University (academic, administrative, research and ancillary) is performed annually.
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The risk assessment encompasses a number of factors including: professional judgment; discussions with senior management; a review of the nature of the operation; external or internal factors that might affect the risk; the volume of transactions; the complexity of the systems.
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A weighted risk score is assigned, and this, along with professional judgment, is used to rank the priority of departmental audits.
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An audit plan is developed.
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The Audit Committee of the Board of Trustees approves the audit plan annually.
NOTE: As the University considers adopting an Enterprise Risk Management process, the above risk assessment process will change.