Benefits of an Audit
How do audits benefit your department?
Directors / Department Chairs / Managers are responsible for establishing and maintaining an efficient system of internal controls and ensuring that resources are used efficiently and effectively toward achieving department, campus, and University / College goals and objectives.
Internal Audit assists Management by providing independent appraisals concerning the adequacy and effectiveness of internal controls. A good system of controls reduces your department’s exposure to business risks. In the effort to maintain an efficient system of internal controls, Internal Audit can assist your department by:
- Identifying business risks, strengths, and opportunities for improvement
- Evaluating employees’ awareness of, and compliance with, University policies and procedures and applicable laws and regulations
- Facilitating discussions with department employees to develop solutions to problems and promote operational efficiency, including the automation of procedures and the elimination of redundant or burdensome controls
- Identifying deviations from management's standards and expectations
- Assessing whether resources are used adequately and efficiently
- Effecting positive change within the department and/or the USNH community to improve the overall results of operations
- Providing an objective assessment of areas of interest or concern to the department
- Assisting with investigations into possible frauds or irregularities