ASU Audit Plan 2007

Angelo State University San Angelo, Texas Internal Audit Plan For Fiscal Year 2007 A Member of the Texas Tech University System 1 Angelo State University TABLE OF CONTENTS AUDIT PLAN FOR FISCAL YEAR 2007 Introduction…………………………………3 Audit Time Allocation………………………4 Selected Assignments……………………….5 Three Year Plan……………………………..8 RISK ASSESSMENT Enterprise Risk Assessment Process………10 Ranking of Potential Audits………………..11 2 Angelo State University INTRODUCTION Angelo State University’s internal audit program encompasses all University departments, activities processes ands functions that are subject to audit from either a financial, management, operational and/or compliance perspective. Having been empowered by the Board of Regents of The Texas Tech University System (TTUS) to audit any University activity he/she considers necessary, the Director of Internal Audit develops a plan that is designed to include a wide range of functions, etc., but does not emphasize any one of the four approaches mentioned above. The objective of this formal exercise is to create an audit plan that will provide assurance to management that controls are adequate and functioning as ...