Audit and Management Services

Audit and Compliance Services

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Green document with 2 arrows circling the document and a magnifying glass OVERVIEW OF THE INTERNAL AUDIT PROCESS

Planning Phase

The purpose of the planning phase is to identify, based on risk, the scope of the audit and the nature, timing, and extent of testing. In an environment of limited resources, it is the goal to focus resources on those areas that present the highest risk to accomplishing the missions of VCU and VCUHS. The product of the planning phase is the definition of the specific audit scope and risk-based objectives, which we communicate to the client prior to beginning the audit fieldwork testing phase.

Testing Phase

We develop and then execute audit procedures or steps to determine whether controls and processes are designed and operating effectively. As we perform these procedures, we evaluate the effects or potential effects of inadequately designed or missing controls. We discuss our progress with the clients and inform them of any potential business issues we identify during our analysis and testing.

Reporting Phase

Upon conclusion of our audit work, we draft an audit report. The client has an opportunity to review the draft and provide comments or additional information, which we may incorporate into the draft. We also obtain and include the client’s action plans, designation of responsible parties and anticipated completion dates for corrective action. The draft, including action plans, is then reviewed by each level of the client’s management. After senior management has had the opportunity to review, we issue the final audit report. 

Audit Survey

In an effort to measure the effectiveness of our audit process and the performance of the department, we utilize an audit survey at the completion of our audits.

Follow-up on Action Plans

Once target dates for corrective action have passed, we follow up with the client for the status. If corrective action is complete, we will retest, and upon positive test results, we will close out the audit finding record.