Questions and Answers
6. How are audit engagements selected?
Audit engagements are selected by performing a risk analysis of the various Long Island University audit entities. The risk analysis evaluation prioritizes the systems for audit review purposes based on the following criteria:
1. Materiality;
2. Quality of Controls;
3. Government Regulations or Non-Institutional imposed restrictions;
4. Changes in key personnel, operations, or controls; and,
5. Risk of loss/fraud.
The risk analysis results in certain systems audited annually and other systems audited either once within a two or three year period.
