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INTERNAL AUDIT DEPARTMENT - Oakland University

INTERNAL AUDIT DEPARTMENT - Oakland University 2025

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The document outlines the structure, processes, and standards of the Internal Audit Department at a university. It details the department's mission, goals, authority, and ethical guidelines while describing the audit process from planning to reporting. The document also includes information on the annual audit plan development, types of audits conducted, and standards for audit reports and workpapers. Additionally, it emphasizes the importance of independence and objectivity in auditing practices.

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What are the 5S of auditing?

A 5S audit is a systematic review of a workplace to ensure adherence to the 5S principles: Sort, Set in Order, Shine, Standardize, and Sustain. It helps identify areas for improvement and maintain a clean, organized, and efficient workspace.

Who heads the internal audit department?

Publicly traded corporations typically have an internal audit department, led by a chief audit executive (CAE) who reports functionally to the audit committee of the board of directors, with administrative reporting to the chief executive officer.

What are the 5 Cs of audit?

What Are the 5 Cs of Internal Audit? Internal audit reports often outline the criteria, condition, cause, consequence, and corrective action.

What are the 5 Cs essential to success as an internal auditor?

Internal audit reports are essential documents that provide valuable insights and recommendations to improve an organizations operations, risk management, and governance. The 5 Cs framework can help ensure that internal audit reports are comprehensive, clear, concise, consistent, and constructive.

What does internal audit do in a university?

The Universitys internal audit function is responsible for providing an independent appraisal of the Universitys activities, both financial and operative. This provides the Audit Committee with assurance that risk management, internal controls, processes and governance are working effectively.

What are the 5 Cs of internal audit?

Audit team reports frequently adhere to the rule of the Five Cs of data sharing and communication, and a thorough summary in a report will include each of these elements. The Five Cs are criteria, condition, cause, consequence, and corrective action.

What does an internal audit department do?

Internal auditors review and analyze corporate data to ensure legal compliance. External auditors perform similar work, but internal auditors solve problems before exposure to third parties. Individuals who enjoy analytics, math, and communication may enjoy internal auditor positions.

What are the 5 Ps of internal audit?

The 5 Ps are : Plan, Perform, People, Profile and Product.

INTERNAL AUDIT DEPARTMENT - Oakland University 2025

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