FY 2005 Audit Plan MnSCU Audit Committee June 15, 2004.

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Presentation transcript:

FY 2005 Audit Plan MnSCU Audit Committee June 15, 2004

Audit Plan Objectives Align with Strategic Plan & System Work Plan Incorporate an Independent Risk Assessment Coordinate with External Auditing Activities

Service to Board of Trustees Support External Auditors Study Financial Reporting & Auditing Practices Facilitate System-level Accountability Audit Follow-up

Service to Chancellor Facilitate Presidential Transition Reviews Assist with Continuous Improvement Initiative System-wide Study of Capital Program Implementation Support Implementation of Fraud Policy

Service to Presidents Facilitation Services Organizational & Process Redesign Climate Surveys Requested Assurance Services

Coordination with External Auditors Independent CPA Firms –System-level Audit –12 institutional audits of FY 2004 Legislative Auditor –Certifications for CPA audits –Information Technology Audits –Audit coverage of smaller institutions

Audit Plan Overview 64% Assurance Services 12% Consulting Services 11% Professional Advice 8% Fraud Investigation/Inquiry 5% Planning & Development

Recommended Motion (p. 132) The Board of Trustees approves the Office of Internal Auditing annual audit plan for fiscal year 2005.

MnSCU Office of Internal Auditing A CATALYST FOR IMPROVEMENT Website: