The University of Toledo

What performance measures does UT Internal Audit have in place to measure its success?

The following list shows key objectives for conducting University of Toledo internal audits.  These performance measures pertain to the following key objectives:  value adding internal audit function, highly-educated and experienced internal audit staff with diverse business backgrounds and professional certifications, internal audit function that meets stakeholder needs, complete and timely University-wide risk assessment, and efficient/cost-effective internal auditing function.
• Annual investment in internal audit training
• Average length of service with Internal Audit per internal auditor
• Average years of experience per internal auditor
• Cost savings due to internal audit recommendations, per process
• Frequency of meetings between chief audit executive and senior management
• Number and cost of anticipated risk occurrences
• Number and cost of improper or incorrect financial ledger entries
• Number of best practices identified, per Internal Audit-audited process
• Number and cost of unanticipated risk occurrences
• Number of hits to Internal Audit Intranet site
• Number of internal controls weaknesses or failures identified
• Number of revisions to the annual audit plan in response to changing risk assessments
• Percentage of annual Internal Audit budget devoted to training
• Percentage of audits initiated due to managers’ risk self-assessments
• Percentage of audits prioritized according to risk
• Percentage of employees educated about risk factors within their functional area
• Percentage of Internal Audit training budget devoted to communication skills
• Percentage of Information Technology projects in which Internal Audit advises in the planning stages
• Percentage of internal auditors with relevant business experience
• Percentage of managers aware of Internal Audit and the Internal Audit mission
• Percentage of requested internal audits performed
• Percentage reduction in external audit fees attributable to their reliance on internal audit work
• Quality improvements due to Internal Audit recommendations, per process
• Ratio of consulting engagements to assurance engagements, compared with mandate defined in the Audit Charter
• Time between Internal Audit completion and issuance of Internal Audit report
• Time reduction due to Internal Audit recommendations, per process
• Total annual Internal Audit costs, per internal auditor
• Total annual external audit fees
• Total cost of internal audit co-sourcing

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