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FY 2012 UVI INTERNAL AUDITOR AUDIT WORK PLAN 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 assists the University with meeting its mission and values Purpose of plan: To identify proposed audit projects and timelines to complete such projects Individ 2,080 ACTIVITY DIRECT Hours Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Request to Review Gift Agreements and Scholarship Endowments Meet with Members of the Board of Trustees and Members of the Audit Committee 100 Review of Cash Transactions at the Bookstore 250 Review of Cash Transactions at the Sports and Fitness Center 250 FY 2011 Financial Audit (outsourced) 161 Professional Services Agreements 250 FY 2013 Audit Planning 50 Special Request Projects (Hotline Activity) 250 63% 1311 ACTIVITY INDIRECT Audit Committee and Board Support 10% 208 Training & Professional Development 4% 83 Administration 10% 208 Leave (Including Thanksgiving, Christmas Holiday, and other Holiday closures) 13% 270 37% 769 2,080 OT - Explanation of color coding Hours based on annual work hours of 2080 (52 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 2012