Types of Audits
Compliance audits consider both financial and operational functions when determining if they conform to established organizational policies and established laws, standards and regulations. The Office of Internal Audit primarily looks to those standards and policies within LSU’s Permanent Memoranda.
Financial audits evaluate the economic activity of the department and/or organization through the revenue and expense cycles. This analysis is based on the Generally Accepted Accounting Principles. Areas of concern within financial audits might include recording sales, billing customers, processing purchase requests and receiving goods and services. In this type of audit an internal auditor is primarily concerned with having adequate controls over the entity’s assets.
Information System (IS) Audits
IS audits address a computer-based system’s elements and related controls, including the following: hardware, software, documentation, organizational personnel, data and control activities.