May - Feedback on the draft summary of planned audits is received and the annual audit plan is finalized. The plan is included in the Board of Regents meeting reference materials for the June meeting. 4. Annual Audit Plan: Modification after Approval As mentioned in the background secion, risks are constantly changing. What may have been considered high risk during audit plan development may be superceded later in the year by a new risk that has emerged or been communicated to internal audit by senior management. These risks need to be evaluated for inclusion in the current audit plan or postponement to the next audit plan. Since the Board of Regents Audit Committee approves the annual audit plan, year’s they need to also remain in the process for any changes that are deemed to be necessary to the plan after approval was obtained. If the change appears to be signficant, committee approval needs to be obtained for the change. Statewide Internal Audit FY13 Audit Planning Questionnaire Purpose, Standards and Policy: This questionnaire is intended to aid in the development of the FY13 annual audit plan and identify any consulting areas that may be desired outside of our regular audits. Institute of Internal Planning, states: Auditors’ Performance Standard 2010 – The chief audit executive must establish risk based plans to determine the priorities of the internal audit activity, consistent with the organization’s goals. Board of Regents policy P05.03.012 states: Internal auditing is an independent appraisal activity established within the university to examine and evaluate its activities to meet the needs of the board and executive management. Internal audits may include financial, performance, operational and compliance audits. The mission of the internal audit department is to assist the board and management in the effective discharge of their fiduciary and administrative responsibilities by providing analysis, appraisals, counsel, information and recommendations concerning activities reviewed and by promoting effective controls for the recording and reporting of operational activities and for the custody and safeguarding of assets. Questions: Please list the top five to ten risks you believe your area of responsibility is facing, whether or not those risks are unique to your institution or position. Please list the top five to ten risks you believe the University of Alaska System is facing. Does your area of responsibility already have a risk assessment? (Yes/No)
May - Feedback on the draft summary of planned audits is received and the annual audit plan is finalized. The plan is included in the Board of Regents meeting reference materials for the June meeting. 4. Annual Audit Plan: Modification after Approval As mentioned in the background secion, risks are constantly changing. What may have been considered high risk during audit plan development may be superceded later in the year by a new risk that has emerged or been communicated to internal audit by senior management. These risks need to be evaluated for inclusion in the current audit plan or postponement to the next year’s audit plan. Since the Board of Regents Audit Committee approves the annual audit plan, they need to also remain in the process for any changes that are deemed to be necessary to the plan after approval was obtained. If the change appears to be signficant, committee approval needs to be obtained for the change. Statewide Internal Audit FY13 Audit Planning Questionnaire Purpose, Standards and Policy: This questionnaire is intended to aid in the development of the FY13 annual audit plan and identify any consulting areas that may be desired outside of our regular audits. Institute of Internal Auditors’ Performance Standard 2010 – Planning, states: The chief audit executive must establish risk based plans to determine the priorities of the internal audit activity, consistent with the organization’s goals. Board of Regents policy P05.03.012 states: Internal auditing is an independent appraisal activity established within the university to examine and evaluate its activities to meet the needs of the board and executive management. Internal audits may include financial, performance, operational and compliance audits. The mission of the internal audit department is to assist the board and management in the effective discharge of their fiduciary and administrative responsibilities by providing analysis, appraisals, counsel, information and recommendations concerning activities reviewed and by promoting effective controls for the recording and reporting of operational activities and for the custody and safeguarding of assets. Questions: Please list the top five to ten risks you believe your area of responsibility is facing, whether or not those risks are unique to your institution or position. Please list the top five to ten risks you believe the University of Alaska System is facing. Does your area of responsibility already have a risk assessment? (Yes/No)