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Office of Internal Audit

Types of Audits

An audit performed by the Office of Internal Audit can usually be classified into one of the following six categories:

Financial Audit
The purpose of a financial audit is to review the recording and reporting of financial information. This type of audit is used to make sure information is accuragely recorded in Binghamton University's financial records and that it can be linked to the financial reports. All audit work is conducted in accordance with Generally Accepted Accountinng Principals and the International Professional Practices Framework promulgated by The Institute of Internal Auditors.

Investigative (Fraud) Audits
Investigative audits are used to discover civil or criminal violations of State or Federal Laws and violations of University policies and procedures. Any fraud may result in prosecution or disciplinary action by University management and police. These activities include improper transactions, such as suspected thefts, losses, inappropriate action involving University and related entity funds, equipment, supplies, or other assets.

Operational Audit
An operational audit is an evaluation made of management’s performance and conformity relating to policies and procedures. The University and its operations are analyzed and the controls procedures and processes are appraised. The objective is to evaluate the effectiveness and efficiency of a department, activity, or operation of the University in meeting University goals. Recommendations are made to management based on findings in the audit. Operational audits generally include Human Resources services, Registrar’s posting to Student Transcripts, purchase card (P-card) procurement, and equipment inventories.

Compliance Audit
A compliance audit is focused on ensuring the University operated within the boundaries of all applicable Federal and State laws, rules, policies, and regulations governing higher education institutions (internal and external). Examples of compliance audits are:

Assist University Management
In addition to performing regular audits, we are available to assist University management in completing periodic audits and offer accounting advice. This encompasses a wide variety of services and allows University management to utilize our financial and operational expertise.

External Audits
The Office of Internal Audit coordinates financial statement audits conducted by external CPA firms and governmental agencies. These include the State University of New York Financial Statement Audit, New York State Single Audit, NCAA Agreed upon Procedure Review, and audits conducted by the Office of the State Comptroller. The Office of Internal Audit assists the CPA firm in expressing an opinion as to the fairness of the information contained in the financial statements.

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Last Updated: 7/13/10