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WHY ARE AUDITS PERFORMED?
The overall goal of Internal Audit is to add value and improve on the County's operations. Internal Auditors provide reasonable assurance to the Board of Supervisors and management that risks are identified and managed; financial, managerial and operational information is accurate, reliable and timely; and activity is compliant with policies and procedures and applicable laws and regulations.
HOW ARE DEPARTMENTS SELECTED FOR AN AUDIT?
The frequency of departmental audits is based on a risk assessment process. The Internal Audit Department considers eight separate factors such as size and complexity of the department, operational activity, compliance risks, amount of cash receipts, changes in key personnel, etc. Departments with high risk will be audited more frequently than those with medium or low risk. Also, management may request an audit.
WHY WOULD I WANT TO REQUEST AN AUDIT?
Audits are very beneficial to evaluate the County's operations and system of controls. If a department has recently adopted additional supervisory responsibility or implemented newly installed computer systems, an audit can review the current procedures to determine the effectiveness of internal controls.
HOW LONG TO AUDITS GENERALLY TAKE?
The audit duration depends on the size, complexity and involved risk of each department. Based on these factors, budget hours are established during the planning phase of each audit. Generally, audits can last from two to six months.
WHAT TYPES OF AUDITS ARE CONDUCTED?
There are many different types of audits. An audit may be of one or more of the following types:
- Financial: These audits are examinations of financial transactions and systems/procedures used to process them. These types of audits may also include assessment of balances or amounts on financial statements or reports.
- Compliance: Compliance audits determine the degree to which the County or a County departments adheres to laws, regulations, policies, procedures, or contract agreements.
- Operational\Performance: Operational audits are designed to test the efficiency and economy of operations. Performance audits are designed to audit progress towards goals or objectives established by County management.
- Investigative: Internal Audit undertakes investigative audits when circumstances or evidence suggest a fiscal irregularity involving County resources.
- Follow-up Audits: This work determines whether management has taken appropriate, effective and timely action to address previously reported issues.