Types of Audits
Operational
audits are comprehensive
reviews of the varied functions within an enterprise to appraise the efficiency
and economy of operations and the effectiveness with which those functions
achieve their objectives.
Investigative audits identify the facts and circumstances of possible fraud or misappropriation of the organization's assets.
Financial audits are
analyses of the economic activity of an entity as measured and reported by
accounting methods.
Information Systems audits are analyses of effectiveness, efficiency, confidentiality, integrity, availability, compliance, and reliability of data and programs on computer and communication systems.
Compliance audits measure the adherence with university policies, procedures, governmental laws, regulations, sponsored grants, contract requirements, and donor restrictions on use of funds.
Construction audits evaluate controls associated with building, architect, and subcontract compliance.