The Annual Audit Plan, including a list of projects and objectives, associated risks to be assessed and resourcing details, is prepared in advance of each fiscal period and shared with the Audit Committee of Governing Council. The process involves:
Identifying and understanding strategic institutional risks and priorities to ensure alignment with overall audit objectives
Obtaining input from members of the Audit Committee and senior leaders on key risks or concerns, and where Internal Audit can add value
Coordination with existing risk identification and mitigation functions
Understanding significant institutional and divisional initiatives over the near and long term
Communication & liaison with Internal Audit departments at other Univ./Orgs. and President/Vice-Presidents and the Audit Committee at the beginning of each fiscal year.
Historic audit work is also a key factor in the development of these annual plans.
The areas selected cover the full spectrum of functions across the academic, administrative and students service portfolios across the institution (i.e. all three campuses).