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Below is a sample of the way an audit plan. It should give direction. I .

Planning Process

The audit plan is developed by identifying the audit universe, performing a risk analysis, and

obtaining input from management relative to risks, controls, and governance processes. The

internal control framework established by management is an integral part of our review.

Risk or control concerns identified by audit staff or external auditors are also evaluated as the

plan is developed. Flexibility of the plan is necessary in order to respond to the changing needs.

Audit Universe and Risk Analysis

The audit universe and risk analysis is developed by first identifying the units reporting to the President, Provost, and Executive Vice President and Treasurer. The audit universe is then expanded for centers. Functional activities or key operational processes are then identified.

Regulatory compliance is also considered. Planned external audits are also added to the audit universe to reflect the audit coverage provided by the external auditors.

Risks are identified in five basic risk categories:

1- Financial risks deal with assets (plant, equipment, human, etc.), budgets, cash, expenses,

financial records (accurate, timely , useful information), investments, inventories, operational

effectiveness, quality products and services, reserves, revenues, and separation of duties.

2- Technical risks deal with access privileges, audit trails, authentication, authorization, backup procedures, business continuation, change management (software and hardware), code

(secure code so that data is not compromised), data conversion, data integrity, disaster

recovery, infrastructure, information security, interfaces, network security, physical security,

reconciliations, standards (policies, procedures, guidelines), and reputation (compromised

data).

3- Managerial risks deal with alignment with the University mission (mission, vision, and

goals), authorization, decision-making, delegation, policies and procedures, project

management, oversight and monitoring, roles and responsibilities, reporting (useful, reliable,

and timely information for decision making), reputation, and operational efficiency

(minimize processing time, etc.).

4 - Behavioral risks deal with communication and information sharing, human assets

(knowledge, experience, and training of staff), managing and leading people, work

environment, and public relations.

5- Legal risks deal with applicable laws and regulations (release of personal data to

unauthorized people, compliance with applicable laws and regulations, etc.).

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Q: What are the Key requirements included in professional auditing standards regarding the preparation and retention of audit workpapers?
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