There are six services and/or types of reviews performed by the Internal Audit
- Operational audits
- Financial audits
- Compliance audits
- Internal control reviews
- Consulting services
- Special audits
This audit examines the use of resources to determine if they are being used in the most effective and efficient manner to fulfill the University’s mission and objectives. An operational review includes elements of the other review types listed below.
This audit examines accounting and financial transactions to determine if commitments, authorizations, and receipt and disbursement of funds are properly and accurately recorded and reported. This type of audit also determines if there are sufficient controls over cash and other assets and that adequate process controls exist over the acquisition and use of resources. Unlike external financial audits, internal financial reviews do not prepare or express professional opinions on the financial statements’ fairness.
This audit determines if departments are complying with applicable laws, regulations, policies and procedures. Examples include federal and state laws, Board of Regents’ policies and procedures, and Dixie State University policies and procedures. Recommendations from these reviews usually require improvements in processes and controls used to ensure compliance with regulations.
INTERNAL CONTROL REVIEWS
These reviews focus on the components of the University’s major business activities, such as pay and benefits, cash handling, inventory and equipment, physical security, and grants and contracts.
Our consulting service is a teaming activity where you and Internal Audit work together to help you meet your department’s goals and objectives while reducing risks and strengthening internal controls. Internal Audit can provide advice on strategic, operational, compliance, and financial reports that should be reviewed by department management; assist in developing key financial and operational reconciliations; and provide a customized consultation on emerging risks and processes.
Special audits include but are not limited to investigative audits (related to allegations or information submitted via the silent whistleblower hotline), or any type of audit deemed necessary or urgent by Dixie State administration, Board of Trustees, or the Audit Committee.