Part of the Internal Audit Department’s mission statement is to “add value and improve the University’s operations.” Diana Hill, a staff auditor, said throughout the audit process, the Internal Audit Department adds value in a number of ways.
“We serve in a governance role by performing a series of audits and reviews and making recommendations for corrective actions and improvements to appropriate management personnel,” said Hill.
The department also uses annual audit plans and an audit work program.
A risk-based audit planning process that is aligned with the University’s institutional plan enables internal audit to identify the highest risk areas across campus and to address them, Hill stated. “This is the most effective use of our small department and adds value through efficiency.”
Internal audit develops an audit work program for each planned audit event to address the major risks identified during the audit planning process. This allows departmental staff to focus on the areas where they can have the most significant impact.
Hill said as part of the execution of the audit, in addition to transaction testing, staff auditors document and analyze certain business processes. Recommendations for improvement are made to help campus units operate more efficiently and effectively and better fulfill the University’s mission, she added.
As part of the reporting process, the Internal Audit Department issues a narrative that is easily understood, and consideration is given to the focus of the audience and the available resources of stakeholders.
“Through the normal course of our work, we have become very adept at risk assessment and internal controls,” said Hill. “We regularly make this consulting expertise available to University management, and we work with unit leaders to mitigate their operational risks.
“The value that we can add in most cases is not something that will increase your budget. Working together, we can help you use what you have more efficiently, and we can show you where you may be vulnerable to fraud or waste. For internal auditors, that’s adding value,” Hill stated.
During May, Inside UNC Charlotte will publish short articles related to internal audit topics to help faculty and staff members to better understand the profession and the role and mission of the University’s Internal Audit Department.