University Audit follows a standard, collaborative process when conducting scheduled audits. The information below outlines the interactive process, including the roles involved throughout the review.
Audit Workplan Development
Each year, the University's Board of Visitors approves an annual audit plan for Old Dominion University. University Audit develops this workplan through a comprehensive, risk-informed planning process that incorporates real-time risk insights and external factors. The development and execution of the audit plan follow a structured, multi-step process.
Conduct a University-Wide Risk Assessment
The audit planning process begins with a University-wide risk assessment. Through stakeholder engagement and independent analysis, University Audit identifies areas that may present risk to the institution. This process identifies and evaluates areas of potential risk, helping prioritize audit activities and inform the development of the annual audit plan.
Prioritize Audit Areas and Develop the Draft Plan
University Audit evaluates the results of the University-wide risk assessment alongside other key considerations to develop a balanced and comprehensive audit plan. These considerations include:
- Input and concerns shared by University leadership, Board members, University Audit staff and other key stakeholders;
- Consideration of audit coverage across the University, including operational, financial, compliance, technological and governance processes and strategic initiatives;
- Significant changes to operations, programs, systems or internal controls;
- The length of time since an area was last audited;
- Professional judgement of the audit staff;
- Ongoing external and internal audits, regulatory requirements, and other recurring responsibilities.
- Audit work requested or required each year.
The plan is balanced against available audit resources for any given workplan year.
The Audit Process
Audit Kick-Off
Each audit begins with outreach by University Audit to the appropriate University leaders to discuss the upcoming engagement and schedule an entrance conference. This meeting serves as the official start of the audit and includes departmental and/or college leadership, along with other key stakeholders involved in the process.
During the entrance conference, University Audit provides an overview of the audit's objectives, scope, timeline, and communication expectations. The discussion helps establish a shared understanding of the engagement and allows participants to ask questions about the process.
The meeting also provides an opportunity for leadership and stakeholders to share concerns, discuss operational changes, and identify areas of interest that may warrant consideration during the audit.
Audit Performance
Gaining an Understanding
University Audit begins each engagement by conducting a preliminary survey to develop an understanding of the area under review. This includes reviewing applicable laws and regulations, policies and procedures, financial and operational data, organizational structures, and other relevant information obtained through independent research and discussions with departmental personnel.
The preliminary survey helps University Audit identify key risks, understand internal controls, and refine the audit approach before detailed testing begins.
Fieldwork
Once auditors have developed an understanding of the area under review, they begin fieldwork. During this phase, University Audit performs testing and analysis to evaluate key risks, processes, and internal controls.
Fieldwork may include reviewing transactions and supporting documentation, analyzing data, interviewing personnel, observing operations, and other procedures necessary to achieve the audit objectives. Audit staff communicate regularly with departmental personnel throughout the process to ensure an accurate understanding of operations and to discuss preliminary observations.
Audit Wrap-Up
Exit Conference
University Audit conducts an exit conference with departmental leadership and key stakeholders to discuss the results of the audit. During the meeting, the audit team highlights strengths identified during the review, discusses observations and opportunities for improvement, and validates the accuracy of the information supporting those observations. The exit conference serves as a collaborative forum for open dialogue regarding potential action plans and next steps before the audit report is finalized.
Reporting
The reporting process is designed to ensure a shared understanding of the engagement results and agreed-upon actions. Following the exit conference, University Audit prepares a report that summarizes the results of the engagement, including observations, opportunities for improvement, and management's planned actions. The report is reviewed with appropriate departmental and University leadership before being finalized and issued to the President of the University. Final reports are also presented to the Audit, Compliance, Human Resources and Governance Committee of the Board of Visitors.
When applicable, University Audit may communicate less significant opportunities for improvement through a separate memorandum provided to management and the appropriate Vice President.
Audit Follow Up
University Audit works with management to monitor progress on agreed-upon action plans and conducts follow-up procedures to assess implementation. Status updates on open action items are reported to the Board of Visitors.
To help leadership track progress, University Audit maintains a dashboard that provides University Executive Leadership and designated representatives with real-time visibility into corrective actions, follow-up testing, and implementation status.