Audit
Share

NSHE Internal Audit

The Internal Audit Department is established as an independent appraisal within the University System for the review of operations as a service to management. It is a managerial control functions by measuring and evaluating the effectiveness of other controls.

Objective

The objective of internal auditing is to assist all levels of the Nevada System of Higher Education management in the effective discharge of their responsibilities, by furnishing them with analyses, appraisals, recommendations and pertinent comments concerning the activities reviewed. The Internal Audit Department is concerned with any phase of activity where it can be of service to management. This involves going beyond the accounting and financial records to obtain a full understanding of the operations under review. The attainment of this overall objective involves such activities as:

  1. Reviewing and appraising the soundness, adequacy, and application of accounting, financial, and operational controls at executive and staff levels.
  2. Ascertaining the extent of compliance with established policies, plans, and procedures.
  3. Ascertaining the extent to which assets of the NSHE are accounted for and safeguarded from losses of all kinds.
  4. Ascertaining the reliability of management data developed and reported within the NSHE.
  5. Recommending appropriate improvements in internal accounting and operations where controls have been found to be malfunctioning, or where controls should be instituted and none exist.
  6. Recommending appropriate improvements in the accountability and safeguarding of NSHE assets and the reliability of management data.
  7. Reporting the results of examinations in a timely manner and reviewing the timeliness of corrective actions.
  8. Appraising the effectiveness of procedures, as modified, to ensure that deficiencies are satisfactorily resolved.

NSHE Audit Schedule

Annually a work schedule is developed for the NSHE Internal Audit Department for review and approval by the Audit Committee.

The Internal Audit Department Work Schedule is determined based on a number of factors. Using a Risk Analysis software program, the program determines the relative risk/importance attached to each area subject to audit based on weights assigned to different risk factors. Consideration is given to audits requested by an institution. When possible, audits of similar activities at each institution are scheduled to be performed concurrently for efficiency purposes. Information that may become available through the media is also considered. The final selection of audits is determined by the Assistant Vice Chancellor after consideration of the risk analysis factors and other audit requests.