The audit burden faced by higher education institutions is multifaceted and complex. Internal auditors at colleges and universities are often asked to interact with a variety of external agencies with different requirements and goals. These interactions often include responding to requests or audits, collaborating to conduct reviews and providing data for reporting purposes. Although some agencies require annual or regular audits, many agency requests occur on an ad hoc basis and often require substantial documentation and coordination between institutional departments and the agency.
To effectively address agency requirements, institutions must leverage their skills and resources, understand the objectives of the interaction and manage roles and expectations of all involved parties.
Read our top five tips on effective strategies to respond to external agency requests.