Internal Audit

According to the Definition of Internal Auditing in The Institute of Internal Auditors (IIA) International Professional Practices Framework (IPPF), internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

External auditors review the University's financial statements and express an opinion regarding whether these statements fairly represent, in all material respects, the financial position of the University for a given fiscal year.

Internal audit focuses on evaluating the governance, risk management, and controls of areas on campus to improve effectiveness and add value to operations.

1. Planning - Internal Audit conducts preliminary research to gain a better understanding of the department to be audited; this may include prior audits, professional literature, policies & procedures, etc.
2. Notification - Internal Audit notifies department personnel regarding the onset of an audit and schedules the opening conference
3. Opening Conference - Internal Audit meets with departmental personnel to discuss scope and objectives, identify any departmental concerns, and provide further information regarding what to expect
4. Fieldwork - Internal Audit conducts interviews with personnel, reviews documentation provided, evaluates/tests internal controls, etc. to identify weaknesses
5. Draft Audit Report for Discussion - Internal Audit prepares a preliminary draft report to be further discussed with management to ensure accuracy and clarity
6. Closing Conference - Internal Audit meets with department personnel to discuss the draft, any proposed changes, and establish a due date for management's response
7. Management Provides a Response & Action Plans - management provides a written response to be included in the final report describing the corrective action(s) to be taken
8. Final Audit Report - the final report including management's repose will be distributed to the departmental personnel involved in audit, the appropriate internal chain of command, and will be presented to the Fiscal and Legal Affairs Committee of the University of Wyoming Board of Trustees
9. Follow-up - approximately six months after the final report has been issued, Internal Audit will work with management to assess whether corrective actions have been implemented