Selection of a Departmental/Unit Audit

On an annual basis, the Director Internal Audit develops a work plan (Audit Plan) that outlines the areas within the university where Internal Audit will be focusing its efforts for the upcoming year. The Plan is designed to support the allocation of audit resources to those areas that represent the most significant priorities for Queen’s University (“university”) and to guide the Internal Audit activities for the upcoming year. The Internal Audit Plan is presented to the Audit and Risk Committee for approval at the beginning of the fiscal year.

Audit Plan Priorities

The Internal Audit Plan is designed to focus on areas that are central to the university accomplishing its strategic objectives as well as the effectiveness of key risk mitigation activities. It is important to note that not all high-risk areas will result in an audit or review of that area on the Internal Audit Plan. The appropriate audit response: i) assurance that risk is properly managed, ii) advice to improve internal controls or iii) monitoring of risk levels for the significant risk(s) identified depends on the internal control maturity of the area under question.

Departmental Initiatives

On an ongoing basis, Internal Audit undertake a number of departmental initiatives designed to further improve both the operation of the department and the degree of communication with the university’s administration, faculty and the Audit and Risk Committee

Resource Considerations

The Internal Audit department is comprised of four permanent staff. A Resource Plan is developed as part of the Annual Internal Audit Plan, Additional resources, e.g. subject matter expertise, IT audit resource not on staff are obtained from external consultants, budget permitting.