Types of Audits
During financial audits, we determine whether historical financial information fairly presents the financial position and results of operations. In order to form an opinion, we examine the internal control structure and test transactions surrounding economic events. Financial audits are not primarily intended to evaluate management's effectiveness or efficiency. As a result, comments and recommendations about operational matters are byproducts of a financial audit rather than the main objective. Financial audits are generally more limited in scope than operational audits and are concerned primarily in the review of specific financial transactions and the adequacy of controls.
Operational audits, also known as performance or managerial audits are aimed at assessing an operation's effectiveness. An operational audit measures and evaluates administrative control against standards set by Management; including long range plans, budgets, and operating policies and procedures. Although financial data continues to be the base of reference, we look beyond the figures to provide assistance toward improving operations.
Compliance audits determine the degree of adherence to institutional policies and procedures, as well as, applicable laws, regulations and terms of contracts.
Investigative audits are done to analyze incidents of possible fraud or misappropriation of university funds. These types of audits call for the coordination of effort with Senior Management, the Controller's Office and Public Safety. Investigative audits differ from other audits because they are normally conducted without first notifying the personnel who may be affected by the findings.
Information Systems Audits
These audits address the internal control environment of automated information processing systems and how people use those systems. The audits typically evaluate system input/output, processing controls, backup and recovery plans, system security, and computer facility reviews. They can focus on existing systems as well as systems in the development stage.
- AUDIT INFORMATION
- Standard Audit Process
- Types of Audits
- Internal Controls
- Frequently Asked Questions
- Common Audit Findings
- Fraud Investigations
- Organizational Chart
- POLICIES & PROCEDURES
- Procurement Card Manual
- University Handbook
- UW System Operations Review and Audit
- UW System Financial and Administrative Policies
- Board of Regents
- Legislative Audit Bureau
- Wisconsin State Statutes
- Employee Ethics and Public Records