Q&A

101.09.21
Q1:What is the difference between internal audit and financial audit?
A1:
1. Internal audit: The internal audit is implemented by the staff of the on-campus Audit Office, and evaluated individually in accordance with the internal operation process. The purpose is to evaluate if all the administrative staff members follow the internal control system from the perspective of system regularity or irregularity.

2. Financial audit: The financial audit is implemented by an accounting firm and emphasizes financial controls on income and expenditure, the review of original documentation, accounting documentation and financial reports, and the evaluation of financial performance.  

 
 
Q2:What are the methods of internal audit?
A2:
1. The internal auditors must establish the auditing plan after evaluating the institutional work cycle and risk. The auditing plan must include auditing items, targets, implementation period, work procedures, key audit points and audit result. The work procedures and key audit points are established in accordance with the arranged audit items which can be adjusted in accordance with the audit status.

2. Institutional audit can be divided into planned audit and special audit according to the conditions.

3. Auditing implementation:
(1)The auditing unit must communicate with the administrator of the audited unit in advance to coordinate the auditing time and relevant affairs.
(2)The auditing unit must inform the audited unit 7 days ahead of the audit.
(3)When implementing an audit, the process of the auditing must be recorded in the working draft as evidence for the auditing report.
(4)When implementing an audit, the audited staff members must provide the relevant information and answer all questions accurately. 
(5)When implementing an audit, the auditor must clarify any unsuitable items with the administrator of the audited unit.
(6)The auditor must record all the items which require improvement in the “Internal Audit Observation, Suggestion and Feedback Record” during the auditing process. 
 
 
Q3:What are the important principles of the internal control system?
A3:

Facet

Key Control Point

Example

Regulations

More complicated and strict regulations

Does the application of subsidies comply with the regulations?

Risk

Risk factors ever increasing

Does the purchase of a new building comply with the regulations?

Affected Level

Affected level ever broader

Does each income retrieved from students comply with the regulations?

Characteristics

Special characteristics require special treatment

Are the fixed deposits taken care of appropriately?

 
 
Q4 Is the Audit Office equal to ‘Trouble Maker’?
A4:
The Audit Office is not equal to ‘Trouble Maker’
The Audit Office is to assist each unit in discovering obstacles to achieving their goals. 

Undefined