Financial Audit ProceduresNOTE: These Guides are not intended to be a full manual of procedures, nor intended to supplant the IPA’s judgment of the function needed. As auditors achieve greater access to information and audit procedures that can be performed by a computerized tool, the part of the audit will turn out to be additional like a master control plan, which contains greater automated controls and greater timeliness.

Exactly where an audit report reveals matters of considerable concern the Chief Economic Officer arranges for a copy to be sent to the Vice Chancellors Executive Group (VCEG) to discuss the contents, collectively with the senior member (or members) of staff from the region that has been audited, if proper.

In cases exactly where the audit findings are of distinct concern (priority high ranking) or where a considerable number of recommendations has been made, the Chief Economic Officer could request College Deans, Directors of Qualified Solutions etc.

To improve the credibility of the organization’s economic statements, Independent Auditors offer confidence to the interested parties that the statements pretty reflect the performance of the organization in accordance with relevant accounting requirements and frequently accepted auditing requirements.

Auditors should look at their current audit plan and objectives as a master handle system, which would guide the auditor on data to be collected, tools to be utilized, and exactly where traditional approaches and judgments must be employed.