Internal Audit - Frequently Asked Questions
Frequently Asked Questions
Q. How would I obtain a copy of an audit that has been released?
A: Copies of the report may be accessed online here or by contacting us at the office.
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Q. Is audit information considered public record?
A: Yes, all audits released by the Internal Audit Division are public record and available to anyone interested. Audit Reports are available online.
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Q. How is an audit project selected?
A: Prior to the beginning of each fiscal year, Internal Audit performs a risk assessment on the offices, department and agencies of the City to determine what areas to audit. Based on the risk assessment and Management audit requests, the audit plan is developed. Internal Audit schedules projects throughout the year based on the audit plan; however, other priorities may arise during the year, resulting in changes to the audit plan.
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Q. What is internal auditing?
A: Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. The Internal Audit activity evaluates risk exposures relating to the organization's governance, operations and information systems, in relation to:
- Effectiveness and efficiency of operations,
- Reliability and integrity of financial and operational information,
- Safeguarding of assets, and
- Compliance with laws, regulations, and contracts.
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Q. What are the potential benefits of an internal audit?
- Objective assessment of areas of interest to management.
- Confirmation that controls and procedures are satisfactory.
- Identification of deviations from policies or management's standards and exceptions.
- Identification of controls that need improvement.
- Recognized improvements to accounting controls to prevent and detect problems.
- Ideas to eliminate redundant or burdensome controls.
- Identification of productivity enhancements.
- Recognized opportunities to automate procedures.
- Confidence in the use or design of electronic data processing systems.
- Confidence in personal computer applications.
- Recoveries of unbilled or under billed revenues.
- Recoveries of contractor overcharges.
- Early detection of problems before they come to the attention of others.
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Q. To whom does the Internal Audit Division report?
A. Internal Audit is a division of the Office of Management and Budget and the director reports to the City Manager.
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Q. What professional standards does the Internal Audit Division follow?
A. Internal Audit adheres to the ethical and professional standards promulgated by the Institute of Internal Auditors, and as appropriate, Government Auditing Standards as issued by the United States General Accounting Office (GAO-Yellow Book)
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Q. What does the auditor need from the client?
- Cooperation
- Access to knowledgeable personnel
- Access to policies and procedures, documentation, and equipment
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