Internal Audit

Audit Plan

At the beginning of the fiscal year, the Director of Internal Audit and Enterprise Risk submits an Audit Plan to the President of the University of Montana (President) and members of his cabinet. The Audit Plan is then submitted tot he Office of the Commissioner of Higher Education for review and presentation to the Board of Regents.

At least annually, the Director of Internal Audit and Enterprise Risk submits to the President a report on the status of completion of engagements included in the Audit Plan.

Audit Engagements

The Internal Auditor will initiate all audits by notifying the appropriate sector head and departmental personnel that an audit will be performed. 

Upon completion  of the planning phase, the Internal Auditor will schedule an entrance conference with departmental personnel to discuss the audit objectives, scope, time frame, interim communications, and reporting process.

At the end of the audit, the Internal Auditor will schedule an exit conference with departmental personnel to discuss issues identified, related management action plans, persons responsible, and due dates. 

Subsequent to the exit meeting, the audit report will be finalized and shared with the President and with the Office of the Commissioner of Higher Education prior to its issuance and presentation to the Board of Regents. 

Subsequent to report issuance, the Internal Auditor will perform follow-up procedures to validate that all management action plans have been implemented

Cash Loss Audits

In the  event of an actual or suspected cash shortage or loss, all entities of University of Montana campuses must immediately contact the designated office on their campus which shall notify the Internal Auditor.  Based on the circumstances surrounding the loss-shortage, an investigation or audit may be performed and, if appropriate, the Internal Auditor will prepare a report on the incident.  The report of the Internal Auditor shall be promptly submitted to the President, who shall provide a copy to the Commissioner of Higher Education if it contains a conclusion that there has been or may have been a violation of institutional or system policy or of state or federal law.

Consulting Engagements

A department may request a special audit of financial or management activities by submitting a request to the Internal Auditor.  The Internal Auditor shall perform the audit only upon Presidential approval.

Audit Liaison

In the event that an external auditor/representative contacts a University organization prior to contacting the Internal Auditor, the affected administrator is responsible for notifying the Internal Auditor.  The Internal Auditor is responsible for drafting and/or reviewing all University audit responses that result from external audits.

The President will be responsible for signing and releasing all audit responses to external agencies.