1. How are internal audits scheduled?
The Internal Audit Department periodically performs an audit risk assessment of the College’s operating units and control functions to identify areas of potential risk. Based on these assessments and discussions with management, the Director of Internal Audit recommends an annual audit plan, which is approved by the Audit, Risk Management and Compliance Committee of the Board of Trustees.
The Internal Audit Department also responds to special requests from the Board of Trustees and the College’s President.
2. What does a typical internal audit include?
The audit process has four phases, each one requiring the involvement of the area being audited.
- Planning– During planning, the Internal Audit Department works with audit clients to gain an understanding of the area to evaluate the processes and controls currently in place.
- Fieldwork– This phase of an audit consists of specific testing scenarios or steps to identify areas for improvement.
- Communication– Audit results are communicated through a transparent reporting process.
- Follow-up- After a determined period of time the Internal Audit Department reassesses the progress made against the agreed upon management responses included in the audit report.
3. How can I best work with auditors at the College of New Jersey?
Each audit engagement has a defined scope and objectives. The audit personnel conducting the review should provide an explanation of the audit’s purpose and objectives so you can understand the reasons for the questions being asked and be better prepared to provide accurate answers.
When you understand the audit’s purpose, you can assist by either providing relevant information or, if you are not the best source of the requested information, directing the auditors to the right person or office.
If you have questions or concerns about information being requested, it is appropriate to discuss those concerns with the auditors.
4. How can I contact the Internal Audit department?
The Office of Internal Audit may be reached by calling 609-771-2734, or by e-mailing the Audit Director at maguirel@tcnj.edu.