In developing an audit plan for each fiscal year, IA utilizes an instrument known as a Risk Assessment Model. This Risk Assessment Model is a survey designed to determine, through quantitative means, those auditable entities within the University that pose the highest degree of relative risk.
With the assistance of the University’s Vice Presidents and their staffs, values are subjectively assigned to the entities’ operations using such weighted ranking criteria as:
- Prior audit history
- Regulatory compliance and public scrutiny
- Reliance upon information technology
- Dollar value and liquidity of assets
- Organizational change and economic transition within the unit
Using this survey, auditable areas are scored and ranked from those perceived to pose the greatest risk to those representing a lower degree of risk exposure. In addition, IA will perform special audits, projects, and investigations as warranted by the needs of the University community.
A tentative audit plan is developed by the IA, taking into consideration coverage provided by the Georgia Department of Audits and Accounts, and the Board of Regents Office of Internal Audit. The finalized audit plan for the fiscal year incorporates the results of the survey with special requests and recommendations from the University President. This final audit plan is then approved by the University President and submitted to the Board of Regents Vice Chancellor for Internal Audit.
Last updated: 4/29/2021