FY 2011 UVI INTERNAL AUDITOR AUDIT WORK PLAN
FY 2011 UVI INTERNAL AUDITOR AUDIT WORK PLAN DRAFT Mission: Assist the Board of Trustees, Audit Committee of the Board of Trustees, President, and University managers in the discharge of their oversight, management, and operating responsibilities, in relation to governance processes, the systems of internal controls, and compliance with laws, regulations and University policies by providing relevant, timely, independent, and objective assurance, advisory and investigative services using a systematic, disciplined approach to evaluate risk and improve the effectiveness of control and governance processes. …
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FY 2011 UVI INTERNAL AUDITOR AUDIT WORK PLAN DRAFT Mission: Assist the Board of Trustees, Audit Committee of the Board of Trustees, President, and University managers in the discharge of their oversight, management, and operating responsibilities, in relation to governance processes, the systems of internal controls, and compliance with laws, regulations and University policies by providing relevant, timely, independent, and objective assurance, advisory and investigative services using a systematic, disciplined approach to evaluate risk and improve the effectiveness of control and governance processes. Goal: To produce quality audit products in a professional, timely manner that add value and assist the University with meeting its mission and values Purpose of plan: To identify proposed audit projects and timelines to complete such projects Individ 1,920 ACTIVITY DIRECT Hours Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Transition - Prior Audit Reports, Charter, Board Minute Meetings, Policy Manuals 80 Audit Charter/Internal Controls/FAQs/Audit Types - creation, devlopment, compilation, publication 200 Audit Website - FAQs, Internal Controls, Audit Types, Audit Plan, Audit Charter, Audit Reports 60 Risk Assessment - Cabinet and Internal Audit 300 Audit Plan FY 2012 100 FY 2010 Financial Audit (outsourced) 40 Review of PCard Transactions 200 Review of Cash Transactions at Auxiliary Functions [Include review of Bank Statement Reconciliation] 200 Special Request Projects 150 63% 1330 ACTIVITY INDIRECT Audit Committee and Board support 10% 192 Training & Professional development 4% 80 Administration 10% 192 Leave (Including Thanksgiving, Christmas Holiday, and other Holiday closures) 13% 250 37% 714 2,044 OT 124 Explanation of color coding Hours based on annual work hours of 1,920 (48 weeks X 40 hour workweek) In Progress Hours for each assignment are estimates only; scope and objectives dictate total hours committed. Ongoing Audit Function Activity Assumption: One auditor with administrative support staff; financial audit outsourced Proposed (pending Committee approval) Audits to be Outsourced FY 2011