Audit Planning
Annually (prior to the start of a new fiscal year), the Chief Internal Auditor shall present the internal audit plan and budget for the upcoming fiscal year to the Audit Committee for their recommendation for approval by the Board of Regents. The internal audit plan should be developed based on a prioritization of the audit universe using a risk-based methodology. Any significant deviation from the formally approved audit plan shall be communicated to the Audit Committee through quarterly activity reports