Annually (prior to the start of a new fiscal year), the Chief Audit Executive shall present the internal audit plan and budget for the upcoming fiscal year to the Audit Committee for their recommendation for approval by the Board of Regents. The internal audit plan should be developed based on a prioritization of the audit universe using a risk-based methodology. Any significant deviation from the formally approved audit plan shall be communicated to the Audit Committee through quarterly activity reports.
The Chief Audit Executive shall report at each regular quarterly meeting of the Audit Committee of the Board of Regents on any condition that, in the judgment of the Chief Audit Executive, could adversely affect the UNT System. Suspected theft, fraud, or misuse of funds will be promptly reported to the Chairman of the Board of Regents’ Audit Committee upon discovery.
A written report will be prepared and issued by the Chief Audit Executive following the conclusion of each audit and will be distributed as appropriate. A copy of each audit report and a summarization will be forwarded to the Secretary of the Board of Regents and provided to all Regents.
The Chief Audit Executive may include in the final audit report the management responses and corrective action taken or to be taken in regard to the specific recommendations. Management responses should be received within 10 business days from the date the draft report was sent. Each response should include the individual responsible for implementing the recommendation, the timetable for anticipated completion of action to be taken and an explanation for any recommendations not addressed.
In cases where a response is not included within the audit report, management of the audited area should respond, in writing, within 30 days of publication to Internal Audit.
Internal Audit shall be responsible for appropriate follow-up on audit recommendations and management action plans. All recommendations and management action plans will remain open and monitored until cleared by the Chief Audit Executive.