Formal audit reports are issued on all audit engagements. The reports are designed to:
- Identify control deficiencies and non-compliance issues noted during the audit.
- Explain the risks that result from the deficiencies and/or issues.
- Present alternative procedures to correct the deficiencies and/or issues.
Operational cost savings and improvements are also identified in the audit report. The report includes auditee responses and a timetable for implementation of procedures to correct weaknesses. The auditee reviews and discusses recommendations on the audit report prior to distribution of the audit report to the Board of Trustees, President and Provost.