Internal Audit

Frequently Asked Questions

1. WHY WAS I SELECTED FOR AUDIT?
2. WHAT TYPE OF AUDITS ARE PERFORMED?
3. WILL I BE NOTIFIED OF A SCHEDULED AUDIT FOR MY DEPARTMENT?
4. WILL I BE KEPT INFORMED DURING THE ENTIRE AUDIT PROCESS?
5. WHY HAVE OTHER AUDITORS ALSO AUDITED MY DEPARTMENT?
6. WHOM DO I TALK TO IF I HAVE QUESTIONS ABOUT INTERNAL AUDIT?

1. WHY WAS I SELECTED FOR AUDIT?

An area can be selected for audit based on:

  • Risk Assessment - The Department of Internal Audit develops a bi-annual audit plan based on risk assessment. Areas with the highest risk are given high priority but all college areas receive audit coverage.
  • Mandated Audits - These audits are required by authoritative entities, such as the Federal Government, Audit and Compliance Committee and the College Administration. Examples of mandated audits include executive expenditures.
  • Requests - The Office of the President or other College Administrators may request an audit of an area. These are typically treated as special projects.

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2. WHAT TYPE OF AUDITS ARE PERFORMED?

  • Operational Audits - examine the use of resources to evaluate whether those resources are being utilized in the most efficient and effective ways to fulfill the department's and College's mission and objectives.
  • Compliance Audits - determine the degree of a department's adherence to laws, policies and procedures.
  • Financial Audits - address questions of accounting and reporting of financial transactions, including commitments, authorizations, and receipt and disbursement of funds.
  • Information Systems Audits –assessments of the college’s Information Systems/Technology processes and procedures to minimize the risk of data loss, malicious acts, unauthorized system assess, etc.
  • Investigative Audits - focus on alleged irregular conduct to determine whether civil or criminal violations of state or federal laws have occurred. Internal theft, misuse of Meharry’s assets and/or conflicts of interest are examples of reasons for investigating.

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3. WILL I BE NOTIFIED OF A SCHEDULED AUDIT FOR MY DEPARTMENT?

Yes. Internal Audit provides notice via telephone call, e-mail or memo from 1-2 weeks prior to the scheduled audit.

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4. WILL I BE KEPT INFORMED DURING THE ENTIRE AUDIT PROCESS?

Yes. After your department is notified, the director and assigned auditor will schedule an entrance meeting to discuss the purpose, scope of the audit, and the expected start and completion date. You should take the opportunity at this meeting to discuss any concerns or questions you may have about the audit and to determine how you can facilitate the review process.

During the audit, the auditor assigned will keep you informed of audit progress. At the conclusion of the fieldwork, the auditor will schedule an exit conference to discuss the audit results. The purpose of this stage is to ensure that the auditor has had access to all relevant data and facts before reaching a conclusion. If audit recommendations are made, you will receive these in writing. Your response to the recommendation(s) is required. The response should include:

  • Agreement or disagreement with the recommendation.
  • If agreement, the plan of action and estimated implementation date.
  • If disagreement, your basis for the disagreement.

After the recommendations and responses are reviewed and discussed, you will be provided with a draft of the audit report for your review and before the final version is issued. This gives you the opportunity to determine if additional discussion of the audit recommendations is necessary, to clarify any ambiguities, and if necessary, modify the report draft.

All audit information is treated as confidential and reported only to those within the institution who need to know. All final reports, including your responses, are distributed to the President, Executive Vice President, and Senior Vice President for Finance. Reports are also distributed to the respective Vice President and other administrators responsible for the area audited. In addition, the Audit and Compliance Committee of the Board of Trustees is provided a copy of all audit reports.

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5. WHY HAVE OTHER AUDITORS ALSO AUDITED MY DEPARTMENT?

In addition to being audited by Internal Audit, the areas and departments within the College may also be audited by external auditors during their routine annual audits. While we try to eliminate or reduce duplication of effort by coordinating our schedule with these other auditors, we have no control over their audit plans. Consequently, an area or department may occasionally be reviewed more than once during the year.

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6. WHOM DO I TALK TO IF I HAVE QUESTIONS ABOUT INTERNAL AUDIT?

All questions related to Internal Audit can be addressed to the Director of Internal Audit.