Taking into consideration the risks identified externally as well as internally, and balancing all of the above with our available resources, the audit plan recommended for FY 2024 includes the following:
We approach the audit plan in two tiers to provide the Committee with an understanding of our current priorities and enable flexibility to accommodate performing audit work in response to emerging issues. The audits in bold above are Tier 1 audits. These are higher-priority projects. The remaining audits are Tier 2 audits. Both tiers are expected to be completed based on the expected average of 13.5 FTE auditors. However, Tier 2 audits may be replaced/substituted if higher priority needs for audit coverage arise during the year. Changes made to the Tier 2 projects due to variance in staffing or priority changes will be communicated to the Committee. In addition to these listed audits, we also plan to perform audit work associated with any changes to the University's healthcare partnerships, or with the PEAK implementation if the need arises. We will also continue to perform 1) gift testing in alignment with the memorandums of understandings with University foundations, and 2) senior leader transition audits as they occur including for: the Deans of Carlson School of Management (CSOM), College of Liberal Arts (CLA), Law School, and College of Design.
FY 2024 Audit Coverage by University Components
The FY 2024 plan continues to provide well-balanced coverage across the University. The following chart shows the distribution of audit coverage by University component for FY 2024, based on the number of hours allocated to each component.
Summary
The proposed FY 2024 internal audit plan rationally allocates the University’s finite audit resources to a well-balanced portfolio of audits that address areas identified as being of significant risk, provides coverage across the breadth of the institution, and will provide information to help inform leadership and governance discussions. The plan also provides for additional flexibility to enable us to respond to fluctuations in staffing and emerging needs throughout the year including potential changes to the University's healthcare partnerships.