Audit Selection and Scheduling
Annual Audit Plan
The WVU Internal Audit Office develops an annual audit plan to select, and schedule audits for each fiscal year. The plan is continually subject to modification to meet the needs of the University. Audits are selected and scheduled primarily on the basis of the University’s degree of risk to negative performance. Projects considered to be high risk receive top priority. Input from University and departmental management regarding their assessment of the institution’s exposure to loss is continually solicited. This input has a major influence in the selection of audits to be included in the annual audit plan. Another source of input for the plan comes from within the WVU Internal Audit Office. Our professional training and in-depth knowledge of the overall operating practices and policies of the University places us in a position to assess the types of audit projects that will best reduce the University’s exposure to loss. Given the scope and complexity of the University with its hundreds of operating units and the small size of the WVU Internal Audit Office staff, it is impossible to audit all University activities. Instead, audit efforts are focused on those activities that present the highest degree of risk and those that have the greatest potential for benefit to the University. The assessment of risk is based on factors such as:
- Impact on University-wide operations and services;
- Safeguarding of resources from waste, loss and misuse;
- Business and political environment within which the University must operate;
- Needs of users that reliable data is obtained, maintained and fairly disclosed;
- Resources are used consistent with laws, regulations, and award terms;
- Our understanding of the internal control structure;
- Historical data and prior audit results; and
- Significant changes in personnel, operations, and policies.
In addition to the degree of risk or exposure to loss, management’s request for assistance and the availability of WVU Internal Audit staff with the appropriate audit skills necessary to perform the requested type of audit influence the audit selection process.
