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Wilfrid Laurier University Office of the Vice-President:  Finance  and  Administration
October 25, 2016
Canadian Excellence

Types of Audit Engagements

Below you will find information on the types of audit engagements performed by Internal Auditor:

Internal Audit performs audits and reviews under three areas:

Assurance Services

  • Operational Audits are designed to analyze operational processes to identify and manage risks and determine if controls are working effectively and efficiently as intended to achieve the objectives of the department and the University as a whole. 
  • Compliance Audits determine if activities are meeting specific criteria such as internal policies or criteria from outside of the University like legislative requirements.

 Advisory and Consulting Services

  • Process Improvement Reviews are performed with the objective of enhancing the efficiency and effectiveness of operations by applying best practices, promoting the use of technology, integrating manual and automated processes and simplifying or eliminating superfluous steps.
  • Special Requests from management can be accommodated covering various types of concerns affecting operations. Some common examples of these types of requests include investigating suspicions of fraud and reviewing potential conflicts of interest.

Assistance to University's External Auditors

  • Assisting University's external auditors with completion of the annual financial statement audit, enrollment audit and direct loans audit
  • Other assistance as requested