Utah Administrative Code
Topic - Education
Title R277 - Administration
Rule R277-116 - Audit Procedure
Section R277-116-5 - Audit Process
Current through Bulletin 2024-06, March 15, 2024
(1) At the initiation of an audit, the Chief Audit Executive shall:
(2) The Chief Audit Executive shall conduct the audit in conformance with International Standards for the Professional Practice of Internal Auditing, inclusive of:
(3) After conducting an audit, the Chief Audit Executive shall submit the draft audit report directly to the audit committee.
(4) After complying with Subsection (3), the Chief Audit Executive shall provide the individuals identified in Subsection (1)(a) with notice, which shall include:
(5) If appropriate, and at the discretion of the Chief Audit Executive, the Chief Audit Executive may edit the draft audit report based on feedback and information received pursuant to Subsections (3) and (4).
(6) After finalizing the draft audit report, the Chief Audit Executive shall:
(7) Within 14 days of the Chief Audit Executive's notice to the individuals identified in Subsection (1)(a), the audit client may:
(8) If a request for extension is filed in accordance with Subsection (7)(b), the Chief Audit Executive shall respond after consulting with the Audit Committee chair.
(9) Upon receiving a written response in accordance with Subsection (7)(a) or if no response to request for extension is received, the Chief Audit Executive shall:
(10) Upon receiving the draft audit report, consistent with Board bylaws, the audit committee shall provide direction to staff or propose recommendations to the Board regarding release of the audit or corrective action, including recommendations to confirm questioned costs as improper payments.