Audit Services Provided
Audit Types
There are five categories of audits performed by the WVU Internal Audit Office. Although most audit projects can be classified into one of the five categories, some are a combination of two or more of the five categories. The following is a list of the five categories along with a brief description of each:
Management
This is the most common audit type. It is a review of activities rather than transactions. The primary goals are to evaluate and improve administrative efficiency and accountability. These audits include a through evaluation of operating policies and procedures as they relate to achievement of the unit’s mission and objectives.
Information Systems
This type of audit is a technical review and evaluation of information processing system controls. Its purpose is to provide assurance that University computer applications include adequate systems controls to ensure data integrity and reliability, utilize and safeguard computer resources and information effectively, and function to achieve University and Departmental goals and objectives. Information system audits include the evaluation of controls, procedures, and standards for all stages of computer system development; review of environmental and physical security controls for both University and backup sites; testing of computer system and application access controls; and review of computing procedures and policies for compliance with University, State, and Federal regulations.
Financial
This type of audit is performed to determine the reliability and integrity of financial information and the means used to identify, measure, classify, and report such information.
Compliance
A compliance audit is an evaluation of the extent to which the institution has followed applicable University policies, procedures, guidelines, restrictions, or those regulations imposed on University activities by outside agencies. For example, the research and development activities of the University are governed by a comprehensive set of guidelines and regulations promulgated by the Federal Office of Management and Budget (OMB). These regulations apply to all recipients of federal grants, contracts, or other financial assistance. The State Legislature, Internal Revenue Service, and the National Collegiate Athletic Association (NCAA) are additional outside agencies that impose restrictions on activities performed by the University.
Investigative
This is a specialized audit performed to determine the extent of suspected misappropriation or misuse of University assets. These audits are tailored to the specific circumstances and generally require considerable audit effort and close communication with legal counsel and law enforcement personnel.
