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Below is a summary of the process for a typical department review. The process may vary from one engagement to the next depending on various factors. The process from beginning to end for the typical department review takes about eight weeks.

1.  Planning

This Stage typically includes gathering available information, approach plan, time budget and a memo to the campus president to provide information about  the coming audit.

2.  Entrance Conference

At this meeting, Internal Audit will discuss our procedures, goals, schedule, and any issues that management may have.  Normal campus attendees include: USNH Controller, Campus CFO, responsible VP, Department Head, and Department Business Manager.  Internal Audit representatives include: Director of Internal Audit, Audit Manager, and Senior Auditor.

3.  Schedule Request

IAD will request certain documentation from management prior to our arrival at the department.  Such items include:  organizational charts, financial information, policy and procedure manuals, promotional literature, contracts, grant documents, etc.

4.  Fieldwork

This stage is where the actual review takes place.  Internal Audit will be physically located at the department.  Through meetings with management and other personnel, we will understand and document the control environment, internal controls over the systems of revenue and expenditures, budget process, inventory process, information system controls, and other areas as appropriate.  We will select a sample of revenue and expenditure transactions to test the controls identified through the process mentioned above.  All issues (findings) will be discussed with departmental management before fieldwork is completed.

5.  Draft Report

After fieldwork has been completed and findings discussed with management, we will develop a draft report.  Copies of the draft report will be distributed to management before the exit conference.

6.  Exit Conference

The draft report will be discussed at this meeting.  Revisions to the report deemed necessary will be agreed upon at this time.  Attendees will typically be the same as the entrance conference.

7.  Final Draft

Revisions agreed upon at the exit conference will be made to the draft report and a final draft will be issued to management.  Management has 45 days from the date the final draft is issued to respond in writing to recommendations made in the report.  The ultimate responsibility for management responses lies with the campus CFO.  Responses should be sent to the Director of Internal Audit.

8.  Report to the USNH BOT Audit Committee

After management responses are received, they are incorporated into the report.  A final report will be presented to the USNH BOT Audit Committee for review and approval at the next possible meeting.