Audit Process

Planning:

  • Annual Audit Plan
    • Chief Audit Executive (CAE) establishes a plan of scheduled audits at the beginning of the fiscal year. A few of these audits are required by state law.
  • Unplanned Audits
    • The audit plan remains flexible to allow for unplanned audits due to emerging risks or investigations.
    • Audit Services is required to investigate allegations of fraud, waste, or abuse. (See Fraud Awareness for more information)
  • Planned audits begin by contacting management to discuss the audit process.
  • We determine the scope, objectives, and criteria. Simply, we will discuss what we are going to do, why we are doing it, and how we plan to do it.

Field Work:

  • Asking questions
  • Gathering and reviewing documentation
  • Developing “workpapers” which are documented proof of audit report contents
  • Preliminary discussions of observations to determine validity
  • This phase of the audit process is most time-consuming.

Report:

  • A report will be drafted with audit results, including findings, observations, and recommendations, if any.
  • Management will have the opportunity to respond to any findings or recommendations.
  • The audit report will document objectives, scope, conclusions, and recommendations. Management will include corrective action for each recommendation, if any.
  • Our goal is to help MTSU operate in the most efficient and effective way possible. If no issues are found, we are pleased to report that outcome.
  • Final report will be issued and given to the Board of Trustees, the president, management, and the Tennessee Comptroller of the Treasury, if needed.

Follow-Up:

  • When there are findings, observations, or recommendations, a follow-up review will be conducted.
    • A target completion date will be set.
    • We will evaluate the corrective actions that were taken to mitigate (or minimize) the risks identified from the audit report.