When we have finished our fieldwork, we draft a report. The Head of Internal Audit reviews the fieldwork and the draft in line with professional auditing standards. Once this stage has been completed, we hold a feedback meeting to summarise the audit findings, conclusions, and recommendations necessary for us to publish a draft version of the report. We use this meeting, to listen to your comments on our findings and to reach an agreement on any recommendations that we have identified.
We then produce a formal draft report, taking into account any revisions resulting from the feedback meeting and any other subsequent work we have done in light of it. The Head of Internal Audit also reviews this work. The formal draft is then sent to you so that you have the opportunity to respond to the audit findings prior to the final report being published. We also use your response to include any further, relevant observations that you have into our final report. Included with our draft is an action plan that identifies the recommendations made in the report and as part of your response we ask you to complete the action plan. This involves explaining how the recommendations will be implemented, by whom and within what time scale. We ask that you respond to us within two weeks of receiving the draft report and action plan. This is because, like you, we don’t want the audit review process to become drawn-out and protracted and need a timely response so that we can finalise the report as quickly as possible.
The recommendations made in the report are prioritised into four categories as follows:
A risk opinion is also reported for each risk reviewed within the audit as follows:
On overall opinion of the audit is reported to demonstrate the level of assurance provided. This is categorised as follows:
We distribute copies of the final report to the operational managers of your area, the Head of College or Corporate Service and to the Director of Finance and the Registrar and Secretary. The University’s Audit Committee also receives summary reports of our work for each audit undertaken, and a copy of the completed action plan.
Finally, as part of Internal Audit's self-evaluation program, we ask you to comment on our performance. This feedback has proven to be very helpful to us, and we have made changes in our procedures as a result of the suggestions we have received. This is a short questionnaire that only takes a few minutes to complete but is important as it benefits both you and us for future audits; we also summarise the results of these questionnaires to report periodically to the Audit Committee.