What are the functions and responsibilities of the System Internal Audit Department?
The mission of the Internal Audit Department is to assist the president and Board of Trustees of the University of Petra by providing auditing services using an independent, risk-based approach. The Internal Audit Department responsibilities include determining the adequacy, efficiency and effectiveness of the System's internal control structure; reviewing the reliability and integrity of management, financial and operating information; reviewing the systems established to ensure compliance with policies, regulations, procedures and laws .
Are Internal Auditors Responsible for Internal Controls?
Management is responsible for maintaining an adequate system of internal control. Internal auditors independently evaluate the adequacy of the existing internal control systems by analyzing and testing controls. Internal Audit Department makes recommendations to management to improve controls.
Why and how was our department chosen for audit?
The system Petra University Internal Audit Department develops an annual audit plan based on risk and significance.
What can an audit be requested?
Petra university members can request audits for areas of interest or concern. The Board of trustees can also make requests for specific reviews.
What is the audit reporting process ?
The reporting process is continual throughout the audit process. During the audit, the audit team will provide updates regarding findings and audit status. At the conclusion of the fieldwork, the auditor will discuss any findings noted during the audit process at the end of fieldwork meeting with responsible parties. This meeting is an opportunity for the client to discuss the findings and clarify any specific areas.
How long will the audit take?
Audits vary in length depending on the area being reviewed, the detail being tested and the structure of the organization . Some follow-up audits may take only a few hours whereas some university-wide audits can take several months to complete. System Internal Audit makes every effort to inform clients of the timeline for their particular audit and provide updates to keep administrators aware of the audit status.
Do auditors only look for negative things?
No, the Internal Auditor helps decision-makers , and contribute to the success and development of the university , and looking for ways to help to do the job more efficiently.
How do the auditors determine who gets audited?
An internal audit plan is developed annually based on input from the President and the Board of Trustees. Audits are selected based on a risk assessment, external audit results, and department initiatives.