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AUDIT RESULTS

From Quarterly Internal Audit Report To The University of Minnesota Regents Audit Committee

This report includes:

• Audit Observations/Information/Status of Critical Measures
• Status of “Essential” Recommendations & Bar Charts Showing Progress Made
• Audit Activity Report
• Audit Reports Issued Since February 1, 2008

Details for any of the items in this report are available on request.  Individual reports were sent to the President, Provost, Vice Presidents, and Chancellors about these internal audit issues.

 Audit Observations/Information

 Status of Critical Measures

As part of our on-going efforts to provide the Audit Committee with critical information in as concise a format as possible, we have developed the following three charts to present a “snap-shot” status report on work performed by the Office of Internal Audit.

The first chart, “Essential Recommendation Implementation”, provides our overall assessment of the success University departments had during the last quarter in implementing our essential recommendations.  Readings in the yellow or red indicate implementation percentages less than, or significantly less than, our expected University-wide rate of 40%.  Detailed information on this topic, both institution-wide and for each individual unit, is contained in the next section of this Update Report.

The second chart, entitled “Progress Towards Annual Audit Plan Completion”, is our assessment of how we are progressing towards completion of the FY 2008 Annual Audit Plan.  Readings less than green could be influenced by a variety of factors (i.e. insufficient staff resources; increased time spent on non-scheduled audits or investigations). 

he final chart, “Time Spent on Investigative Activities”, provides a status report on the amount of time consumed by investigative activities.  Our annual plan provided an estimated budget for this type of work, and the chart will indicate if we expect that budget to be sufficient.  Continued readings in the yellow or red may result in seeking Audit Committee approval for modifying the Annual Audit Plan.

 Essential Recommendation Implementation

Implementation rates were 22% for the quarter, less than our expected rate of 40%.  We attribute this to:    1) a shorter than normal follow-up period, and 2) a large number of newly issued audits from last quarter that received their first follow-up.

Progress Towards Annual Audit Plan Completion

Time spent to date on the FY 2008 audit plan is consistent with what was expected and budgeted.

Time Spent on Investigative Activities

Time spent on investigative activities is consistent with the budget for the year.

Work to be Performed for the Office of the Legislative Auditor

 We have been asked by the Office of the Legislative Auditor to assist them with a state-wide review they are performing on the use of general obligation bond funding authorized by the 2006 legislative session.  They have identified four University projects to be included in this review, and we have agreed to perform the controls assessment and testing required for those projects.  Our results will be reported to them for inclusion in their overall report.  This work will be included in our planned audit of the University Plant Fund.