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Queen's University
 

Types of Audit/Reviews

While there are four major types of internal audits, financial, operating, compliance and information technology - it is not unusual to incorporate elements of each when we review a business process or department on any of the campuses

Financial

Audits involve the evaluation of internal control processes over revenues and expenses, and the accuracy of their reporting in accordance with laws, regulations and internally developed policies and procedures. In addition, the safeguarding of the university's assets, as well as the fair presentation of its rights and obligations may be the subject of financial audits.

Operational

Audits examine the use of the university's resources to evaluate whether those resources are being used in the most efficient and effective way to fulfill the university's mission and objectives. These are sometimes called performance audits. An operational audit may include elements of both a financial and compliance audit.

Compliance

Audits review both financial and operating controls and transactions to see how well they conform to established laws, standards, regulations and procedures. In addition the audit might identify gaps between regulations and university procedures, and in turn, would suggest training and follow-up programs to ensure personnel are adequately informed about compliance requirements.

Information Technology

Audits evaluate the internal controls related to the management of information technology environments and related infrastructure, applications and data.

Continuous Auditing

The objective of Continuous Auditing is to assess the completeness, accuracy and propriety of a monthly sample of transactions drawn from the University’s accounting system using Computer Assisted Audit Techniques (CAAT’s).  CAAT’s are tools used by Internal Audit to select samples and monitor transactions and data recorded in the University’s accounts for anomalies and compliance with University policies and procedures.

Special Reviews

Special Reviews can be undertaken as a result of requests by senior university administrators or department heads, from findings identified in the course of an audit review, or concerns reported to the Department. The reviews are limited in scope to address the specified concerns only.

Sometimes internal auditors are asked to perform Special reviews by the University. The University may request specific reviews of: a department's internal controls, situations involving conflicts of interest, or financial irregularities. 

Kingston, Ontario, Canada. K7L 3N6. 613.533.2000