Office of Audit, Risk and Compliance

Frequently Asked Questions - Audit

Who is Internal Audit?

Internal Auditors (WSSU employees) and external experts who augment internal audit capabilities
External auditors include Federal, State and independent auditors

What Does Internal Audit Do?

 Financial Audits
 Compliance Audits
 Operational Audits
 Information Technology Audits
 Special investigations
 Consulting
 Liaison to external auditors

What Does an Audit Do?

 Evaluates the adequacy and effectiveness of internal controls
 Reviews the reliability and integrity of financial and operating information
 Reviews the fiscal, operational, and administrative operations
 Reviews systems established to ensure compliance with policies, plans, procedures, laws, and
   regulations that could significantly impact operations
 Evaluates the effectiveness and efficiency with which resources are employed
 Evaluates the accomplishment of established objectives and goals

Why is a Department Audited?

 Statutory/regulatory requirements
 Board of Trustees requirements and requests
 Senior administrators request
 Annual risk assessment process
 Hot line calls
 Whistleblower complaints
 Management requests

What is the Audit Process?

 Research audit area
 Determine criteria
 Notify auditee
 Assess risk
 Plan audit
 Refine scope/objective/methodology
 Develop audit program
 Perform field work
 Communicate results
 Issue draft report
 Obtain management responses
 Issue final report
 Follow-up review
 Feedback from auditee

How Does Internal Audit Conduct an Audit?

 Interview key staff and management
 Observe established procedures
 Document organizational control activities
 Perform analytical reviews
 Examine supporting documentation and evidential

Winston-Salem State University

601 S. Martin Luther King Jr. Drive

Winston-Salem, NC 27110

Phone: (336) 750-2000

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