Helpful Guidance Types of Audits The primary activities of the Office of Internal Audit (OIA) can be classified as internal auditing and management advisory services. Comments and recommendations included in audit reports provide a basis for sound business decisions, improved operations, and identifying cost saving areas. OIA also performs a number of engagements for which descriptions are included below: Types of Audits Operational/Performance – examines the use of the State's resources to evaluate whether those resources are being used in the most efficient and effective way to fulfill the applicable agency's mission and objectives. It may include elements of both a financial and a compliance audit. Financial – addresses questions regarding internal controls, accounting and the propriety of financial transactions. It provides a critical analysis of an agency's financial records and documentations and also provides an objective view of the true financial integrity of an agency. Compliance – determines compliance with established laws, regulations, contract provisions, grant agreements, policies and procedures of the State and/or applicable agency, the federal government, and other regulatory agencies. An example of a compliance audit would be a federal award review where the internal auditor(s) looks for compliance with grant agreements and/or the applicable federal government regulation(s). Information Technology – examines the management controls within an Information Technology (IT) infrastructure. An IT audit evaluates system processing controls, data security, physical security, systems development procedures, contingency planning, and systems requirements. Additional Responsibilities Cash Counts Enterprise Risk Assessment Fraud Complaint Reviews Internal Control Review Management Advisory and Consulting Services Special Projects & Requests Audit Process Internal Control Guide Management is continually striving to find ways to achieve their agency’s mission and objectives. A main factor in accomplishing these objectives is to implement and maintain an effective internal control system. We are issuing this Internal Control Guide to provide management with the resources necessary to design, implement, and operate an effective internal control system. Internal Control Guide Section 1 – Overview Section 2 – Five Components of Internal Control Section 3 – How to Analyze Control Environment Section 4 – How to Conduct a Risk Assessment Section 5 – Internal Control Activities - Best Practices Section 6 – Information and Communication Section 7 – How to Monitor Effectively Section 8 – Preparing an Internal Control Plan Section 9 – Works Cited Complete Guide State of Rhode Island Office of Management and Budget Department of Administration Menu Search Search RI Jobs Home Budget Office Grants Management Performance Management Internal Audit Regulatory Reform About Us Pandemic Recovery