What authority does the Office of Internal Audit have?
The Office of Internal Audit reports to the Office of the General Counsel and to the Monmouth University Board of Trustees. The department has access to all of the University’s records and property. The Internal Audit charter defines its purpose, explains independence, authorizations and responsibilities, and it provides an explanation of audit scope and reporting accountabilities.
Are the Internal Auditors employees of Monmouth University?
Yes, Internal Auditors are employees of Monmouth University.
What are the different types of audits?
There are 5 basic types of audits performed by Monmouth University Office of Internal Audit:
- OPERATIONAL: Operational audits consist of critical reviews of operating processes and procedures, and internal controls that mitigate area-specific risks.
- COMPLIANCE: These audits determine the degree to which areas within the University adhere to mandated Federal, State, and University policies and practices. Other regulatory agencies are also included within compliance audits (e.g., NCAA, EPA).
- FINANCIAL: Internal Audit performs financial audits that include but are not limited to: authorizations; cash receipts; disbursements; and purchasing.
- INVESTIGATIVE: Internal Audit will work with outside agencies to determine whether misconduct occurred at Monmouth University. These types of investigations can encompass misuse of University funds or assets, potential fraud, or potential conflicts of interest.
- TECHNOLOGY: Technology audits are usually comprised of control reviews of disaster recovery plans, system back-up procedures, and general security of data and of the physical plant.
How long does an audit take?
The answer to this question depends on the nature, complexity, and the risk elements present. An audit project can take anywhere from a few days to several months to complete.
Are all audits planned, or does the Office of Internal Audit conduct surprise audits?
The vast majority of audits are planned. However, that does not preclude The Office of Internal Audit from conducting unplanned audits. Prior to any audit, the Office of Internal Audit will discuss with management the scope, purpose, and estimated timeframe of the audit.
How are areas selected for an audit?
An audit plan is developed based on a risk-based analysis and regulatory review requirements, approved by the Monmouth University Audit Committee. As unplanned audit projects are required, they are included in the overall plan for the year.
Can I contact the Office of Internal Audit directly?
Yes. The Office of Internal Audit can be reached at extension 5521 or 3598, between the hours of 8:45 a.m. and 5 p.m., Monday through Friday. You may also stop by the office in the Great Hall, room 304.