Types of Audit Engagements

Internal Audit performs a wide range of audit services to the University community designed to help the University meet its objectives. Our mandates are designed to:

  • Offer objective assurance
  • Add value to and improve organizational operations
  • Establish effective controls, processes and procedures
  • Reduce costs, enhance revenue and better manage budgets
  • Avoid unnecessary risks


Internal Audit Engagements fall into 2 broad categories:

Assurance Services

Assurance Services are aimed primarily at providing the Senior Administration and the Audit Committee with an independent evaluation of key University processes and controls. Assurance services are comprised primarily of risk based audits that are undertaken based on the annual internal audit plan. Risk based audits are designed to analyze processes, to identify risks and determine if controls are working effectively and efficiently in order to achieve the objectives of the Unit and the University as a whole.  The scope of these audits may include coverage of multiple risk categories (e.g. operational, compliance, strategic, information technology and regulatory, etc.).

Consulting and Advisory Services

Special requests from management can be accommodated covering various types of concerns affecting operations. The nature and scope of each mandate (which is agreed upon with the Unit requesting assistance), are intended to add value and improve governance, risk management, and control processes without internal audit assuming management responsibility.  A common example of these types of requests are “Process Improvement Reviews” which are performed with the objective of enhancing the efficiency and effectiveness of operations and reducing risk through improved internal controls. We are also available to consult on new system implementations, process and system redesign initiatives, and policy changes.

Last updated: Oct-2016

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