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.
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 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.
Internal Controls Program
As part of its efforts to improve the effectiveness of the university’s internal controls environment and governance processes, the Vice-Principal (Finance and Administration) has implemented an ongoing Internal Controls Program. The objective of the program is to provide reasonable assurance that adequate controls are in place to help ensure that assets are safeguarded, financial information is accurate, and transactions comply with legislation, regulation, policies, and delegated authorities. Internal Audit has been charged by the Vice-Principal (Finance and Administration) with the administration of the Program.