Frequently Asked Questions

Does Internal Audit Services conduct the University’s financial audit?

No.  KPMG (external auditor) has this responsibility. Internal Audit Services provides assistance to KPMG by performing a predefined amount of work for them.

Is Internal Audit Services part of Financial Services?

No.  Financial Services and Internal Audit Services each report independently to the Vice President, Administration and Finance.

What is an audit?

Our definition of an audit is: a formal examination and verification of the activities of an organizational unit, system, function, or other aspect of the University’s operations. It may include a review of economy and efficiency of operations; effectiveness in achieving program results; and compliance with laws, regulations, and University policies. The audit culminates in a written audit report.

Is a department's everyday activities disrupted during a scheduled audit?

Like any special project, an audit project affects a department’s routine to some extent.  We make every effort to minimize this disruption and cooperate with the department to ensure a smooth workflow.