Follow-ups – A process to validate that audit recommendations were accomplished or that College management assumed the risks associated with the decision to decline implementation of corrective action. The following aspects apply to follow-up engagements:
- On-going until all issues are resolved;
- Results communicated via internal memorandum;
- Project status reported to the Board of Regents;
- Scope limited to issues addressed in the original report; and,
- Performed on all scheduled internal audits.
Internal Control Reviews - Focus on the components of Institution and auxiliary business activities. Areas such as payroll and benefits, cash handling, inventory and equipment and their physical security, grants and contracts, and financial reporting are usually subject to review.
Investigations - Seek to establish evidence of impropriety; imply a systematic track-down of information the auditor hopes to discover or needs to know. Investigations include alleged instances of fraud, waste and abuse, and improper activities.
Consulting Services - Add value and improves an organization's governance, risk management, and control processes without the auditor assuming management responsibilities. Consulting services may include counsel, advice, and facilitation.