An Auditing Director is responsible for planning and conducting all operational, financial, and compliance audits that take place on premises. It is the responsibility of the director to evaluate the effectiveness of all internal controls and determine if compliance is being maintained throughout all laws, regulations, and policies and procedures.
Audits will be planned and controlled of all departments. This includes establishing a team of auditors who will go on site to obtain all financial data, analyze the financials, and compile forms into a report. On larger audits, as well as audits that show fraud or waste, the Auditing Director will go on site to ensure that information is being collected from reputable sources.
Written recommendations will be compiled by the Auditing Director, to go to the Senior VPs. This is a position that works with all levels of management and directly supervises the internal audit personnel. Good business practices will be established by the director, and training and conferences will be created in order to share these practices with the faculty and staff.
The coordination of audits is another area of responsibility. This ensures that all reports are documented properly and that the audit evidence meets requirements. Information from internal and external sources will need to be obtained, in order to determine the function and audit direction. All laws, policies and issues must be known – and this can include research about legislative issues and audit regulations and trends.
Annual audit plans will need to be established and submitted for approval. This includes establishing the areas that need to be audited, as well as how many hours are required in the budget for each audit. Audit plans will then be submitted for review and executed in the following year.
Off-site locations will need to be visited to ensure that compliance areas are being met and that safeguards are in place. Training workshops will also need to be conducted to provide awareness of changes and internal controls, so the flow of information is present.
Task forces are also the responsibility of the Auditing Director, to ensure that policy and procedure development are in place and compliance with legislation.
The role of an Auditing Director is comprehensive, although one does have the help of supervisors and auditing team members to ensure that all areas of the business are handled and audited in a timely and efficient manner.