AUDIT - Agenda 2 - Audit Plan FY 2008

Minnesota State Colleges and Universities Office of Internal Auditing Annual Audit Plan Fiscal Year 2008 According to Board Policy 1D.1, Part 6, the Office of Internal Auditing must submit an annual audit plan to the Audit Committee. Professional internal auditing standards require that the audit plan be based on a risk assessment to ensure that audit resources are focused on the most critical projects. The Office of Internal Auditing abides by the budget process for the Office of the Chancellor. As a result, this audit plan is built on the premise that Internal Auditing will have the same staffing level as in fiscal year 2007. An overview of the internal auditing activities proposed for fiscal year 2008 is attached at the end of this plan. Further explanation of these internal auditing activities and planned coordination with the external auditors is presented in the following paragraphs. RISK ASSESSMENT For internal auditing purposes, a risk assessment is intended to support the selection of the highest priority projects using audit resources, specifically assurance services. It begins with identification of an audit universe which represents the population of potential audit areas. The MnSCU Office of Internal Auditing identifies a multi-faceted audit universe. For fiscal year 2008, Internal Auditing has added a separate risk component for information technology activities. This addition was recommended by the external quality ...