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Assurance Audits

IACS staff perform independent and objective assurance audits, typically to formally evaluate whether University processes and associated internal controls are adequately designed, and operating efficiently and effectively. These services are designed to provide reasonable assurance to management regarding the achievement of such objectives as:

• Reliability of financial reporting
• Compliance with applicable State and Federal laws and regulations
• Compliance with University policies and procedures
• Efficiency and effectiveness of operations

Audits typically follow a four-phase process. As the nature of audits can vary, the particular objectives included in the scope of the audit will be identified during the initial phase of the engagement.

Formal recommendations are often made to management to assist in the improvement of internal controls. IACS also performs follow-up audits to review actions taken to address these formal recommendations.

Consulting Services

IACS's consulting services provide University faculty and staff an objective and independent perspective on University processes and internal control. Consulting may range from a formal engagement with a defined scope and objectives to such advisory activities as:

• Providing informal guidance on an as-needed basis
• Advising on changes in policies, procedures, and processes
• Advocating best business practices
• Participating in committees
• Participating on project teams, including Lean initiatives

In all cases, IACS functions only as an advisor, with management deciding on final direction.

External Audit Coordination

IACS works with the University's external auditor to coordinate audit work and minimize duplication of efforts.