What We Do
It is the policy of Duquesne University to maintain a broad comprehensive
program of internal auditing. This function is structured so that it reports
to the Vice President for Management and Business, and through him, to
the Financial Affairs Committee of the University's Board of Directors.
In order to maintain an independent status, and to ensure objectively
in our work, the Internal Audit department has no authority over, or responsibility
for, the activities that we review.
An annual audit plan is developed through consultation with University
management. This plan outlines the audits and reviews that Internal Audit
will conduct during a given year. Changes are made to the audit plan throughout
the year, as the need arises.
The Internal Audit department engages in several different types of audits,
each of which has separate goals and objectives. Each audit that we perform
includes the characteristics of one or more of the following:
Financial Audits
During financial audits, we determine whether historical financial information
fairly presents the auditee's financial position and results of operations.
In order to form an opinion, we examine the internal control structure
and test transactions surrounding economic events. Financial audits are
not primarily intended to evaluate management's effectiveness or efficiency.
However, in conducting financial audits, we often detect areas for potential
improvement. Our comments and recommendations are communicated to management
for consideration, and where applicable, implementation.
Operational Audits
Operational audits, also know as performance or managerial audits, are
performed to assess an operation's administrative efficiency and effectiveness.
An operational audit measures and evaluates administrative control against
standards set by the University's management; including budgets and operating
policies and procedures. Although financial data continues to be the base
of reference, we look beyond the numbers to provide assistance toward
improving operations.
Compliance Audits
Compliance audits are performed in order to determine the degree of compliance
with the University's policies and procedures, applicable statutory laws
and regulations, and terms of contracts.
Investigative Audits
These audits are done to investigate incidents of possible fraud or misappropriation
of University assets. Similar to operational audits, our role in investigative
audits typically focuses on gaining an understanding of the operating
system and controls in place, and making recommendations on ways to strengthen
the internal control structure for the protection of University assets.
