Frequently Asked Questions
1. What's the difference between internal auditing and other auditing?
External audits are conducted by auditors that are not employees of the organization and are usually focused on verifying amounts on financial statements. Internal audits, performed by the organization's own employees, focus on determining that the organization has policies and procedures that will assist in achieving the institution's goals and objectives.
2. How do you decide what to audit?
There are some audits required by state law and/or external requirements which we must perform on a periodic basis. Any shortages, thefts or missing equipment may also require an internal audit review, as may reports of fraud, waste or abuse. In addition, at the beginning of each fiscal year, we prepare an Audit Plan which outlines the planned audit work for the year.
3. What if I am contacted about an audit, program review, or other evaluation of my department by someone other than MTSU's Audit & Consulting Services Department?
Call, email or complete the online form to tell us about any contact you've had with an external party regarding any type of audit. MTSU Policy 70 Internal Audit requires that Audit and Consulting Services coordinate work with external auditors, program reviewers, and consultants. To facilitate these responsibilities, please forward any notices of reviews and copies of external review reports to Audit and Consulting Services.
4. What can I do to make things easier for me when my department is involved in an audit?
- Know which policies apply to you and refer to them when making decisions.
- Separate duties of your employees so that they cross-check each other.
- Make sure all your records are accurate and reconcile your accounts timely.
- Write a short note to explain transactions and decisions so that you don't have to rely on your memory when an auditor asks "why did you do this?"
- Do your best to do the right thing and don't worry about trying to be perfect. We won't condemn you for being human.
5. What if I think someone is doing something wrong?