Audit Types

Internal audits are designed to ensure that the College is functioning efficiently, and that controls are adequate and effective.  Audits are based on an annual risk-based audit plan, as well as at the request of the Board of Trustees or the President.

Financial Audit – This type of audit is performed in order to express an opinion on the reliability of information contained in official financial statements prior to publication.  External auditors are responsible for conducting required financial audits of South Texas College.  Internal audits may perform some work related to the financial statements that the external auditor’s rely on, so the internal auditor’s role related to this type of audit is one of assistance. Additionally, the internal auditor may review the adequacy of internal controls within the scope of financial audits. Financial audits may also be conducted by the internal auditor to address questions of accounting, recording, and reporting of financial transactions. 

Operational Audit – This type of audit is a comprehensive review of the College’s functions to appraise the efficiency and effectiveness of operations with which those functions achieve their objectives.  Internal controls are reviewed from a cost-benefit standpoint.  Operational audits examine the use of resources to evaluate whether those resources are being utilized in the most efficient and effective manner to fulfill the College’s mission and objectives. An operational audit may include elements of a compliance audit, a financial audit, and an information systems audit.

Compliance Audit – A review of financial transactions and/or operating controls to determine how well they conform with established State/Federal laws, standards, regulations and College’s policies & procedures.

Information Technology Audit – This type of audit addresses the control environment of computer information systems and how they are used.  This is a technical review that may include evaluating system input, processing and output controls, data and physical security, contingency planning and disaster recovery, etc.

Investigations – These audits are performed to investigate incidents of possible fraud, waste, or abuse such as the misappropriation of assets. Visit Fraud, Waste, & Abuse for more information.