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Business and Financial Policies and Procedures

Benefits of an Internal Audit

An audit provides an independent appraisal of the effectiveness and efficiency of your unit's administration. An internal audit can help you attain the missions and goals of your unit, inform you of best practices in fiscal and administrative management of your unit, and provide you with suggestions to streamline your operations, reduce costs, or increase revenues.

Your unit may find it helpful to request an audit when it:

  • Has installed new business or financial software
  • Needs to evaluate its internal controls
  • Needs to confirm it is complying with regulations
  • Suspects fraudulent activity

Office of University Audits

The Office of University Audits provides independent and objective services to protect and strengthen the University and its related organizations. University Audits is subject to and complies with the Fiscal Control and Internal Auditing Act (Illinois Compiled Statutes, 30 ILCS 10/1001) (FCIAA) which provides guidance for internal audit activities of state agencies. Information gathered in an internal audit is not subject to the Illinois Freedom of Information Act, Sec. 7(1)(m).

Contact your campus director of University Audits. Consult the Office of University Audits Website for contact information. Your University Audits contact may be able to address your concerns less formally than with an audit. If you are already scheduled for an upcoming audit you may discuss with them whether to schedule it sooner or to wait until the scheduled time.

Additional Resources

Fiscal Control and Internal Auditing Act
Illinois Freedom of Information Act, Sec. 7(1)(m)
Office of University Audits
"What Should I Expect When an Audit is Scheduled for my Unit?" in Frequently Asked Questions

Last Updated: July 20, 2015 | Approved: Senior Associate Vice President for Business and Finance | Effective: December 2014

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