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UKIA’s audit process utilizes a collaborative approach to assess governance and operations to evaluate the effectiveness and efficiency of the trols in place to mitigate risk. The steps are outlined below.

Audit Cycle

Work Prioritization

UKIA undertakes an annual risk assessment process to develop a Work Prioritization program from which the types of reviews and the areas in which they will focus are determined. Unplanned activities are determined through concerns expressed by management, comply line calls and other direct contacts.

 

Audit Notification

All reviews, with the exception of inquiries and investigations, commence with a notification of the impending audit that is issued to management. This notification letter communicates the audit type and preliminary objectives, as well as tips on how the unit can assist the audit team.

 

Planning

During the planning phase, the University of Kentucky's Internal Audit (UKIA) consultants gather information and conduct research to gain a thorough understanding of the unit or process under review in order to tailor an audit plan and scope that are specific to that particular review.

 

Fieldwork

The fieldwork phase consists of the collection, documentation, and analysis of data as well as observational walk-throughs and interviews to validate policies and practices against federal, state and university regulations, business procedures and industry standards.

 

Reporting

The reporting phase ensures the effective communication of the results so that management is duly informed and has ample time to formulate an action plan that effectively remediates the noted risks. The reporting is typically conducted in three phases: the closing meeting, draft report and final report. The reporting phase usually contains:

  • Observations – Conditions identified that require management's awareness.
  • Recommendations – Proposed actions to address existing conditions and to improve operations.
  • Management Action Plan – Included in the final report, this details the steps management intends to take to address the condition(s) and a timeline for completion.

 

Check-ins

Approximately 90 days following the distribution of the final report, UKIA will check in with the client to hear about the progress that the unit is making on its Management Action Plan (MAP) and see if there are any challenges or obstacles with which we may assist or provide guidance.

 

Follow-up

UKIA performs a review, as warranted, after the audit completion to assess the status of the observations. A report of the present status of the observations is issued. If necessary, we will continue to follow up on all audit observations until they have been addressed in a satisfactory manner.