Role of Internal Audit
During the past few years, Internal Audit has modified the University auditing program to include specific fraud detection procedures. This action was made in response to the changing role of both internal and external auditors concerning responsibility for detecting fraud. Fraud detection auditing procedures are now customized for each audit engagement based on an analysis of the risks of fraud occurring in the organization being reviewed.
A major educational effort has been expended by Internal Audit to develop white-collar crime expertise. A strong knowledge of all aspects of white-collar crime and related audit detection techniques now exists in the University.
In addition to enhancing fraud auditing procedures on traditional audit engagements, highly specialized forensic auditing expertise has been developed. Forensic auditing is used during fraud investigations to develop and prove the theoretical existence of fraudulent acts.
Finally, Internal Audit reviews the adequacy of the system of internal control in all major aspects of University operations in accordance with the Annual Audit Plan and University Risk Analysis approved by senior University management and the Finance and Audit Committee.