As internal auditors, we are often asked to interact with other agencies or institutions. These interactions include responding to requests or audits, collaborations to conduct reviews, and providing data for reporting purposes. To most effectively address these agencies’ needs, institutions must effectively leverage their skills and resources, understand the objectives of the interaction, and manage roles and expectations of all involved parties.
This presentation will detail how internal audit teams can successfully respond to external agencies to mitigate risk within their organization and remain in compliance. We will focus on identifying potential external agency auditors, discussing strategies to respond to audit requests, and recognizing common areas (financial and non-cost related areas) that external agencies review.
Key learning objectives:
- Understand the breadth of potential external agencies that may review or audit your institution
- Gain greater insight into strategies to respond to external agency requests
- Recognize various types of costs that are common focus areas of external agency reviews
- Provide examples of additional external agency audit areas that are not related to costs