Throughout the year, UT Austin is audited by agencies such as the State Auditor’s Office and Deloitte & Touche LLP, as well as the university’s Office of Internal Audits to ensure the university is managing its finances and federal funds correctly. These audits require AFM to not only work within the portfolio, but also rely upon input from outside CSU’s and departments like eBITS.
Audits conducted by the State Auditor’s Office, such as the Statewide Single Audit, can include federal and financial components. The federal compliance component focuses on compliance with the provisions of laws, regulations and contracts or grants pertaining to federal awards. The financial component focuses on financial information as part of the Annual Comprehensive Financial Report for the State of Texas and its Schedule of Expenditures of Federal Awards.
Deloitte & Touche is contracted by the university to audit the Annual Financial Report to ensure accuracy and correct reporting. Leading up to this audit, Deloitte conducts the preliminary IT and Interim audits. The IT audit looks over the university’s systems such as DEFINE and Workday to test each system’s controls. The Interim audit allows Deloitte to look over the university’s year to year changes before auditing the Annual Financial Report in the fall.
Teamwork and collaboration among AFM and others to provide requested data and documentation across campus is vital. By providing thorough and timely information, the university can continue to preserve the integrity and accuracy of its reporting.