Department Spotlight: Office of Audit and Advisory Services Ensures Accountability, Minimizes Risks 

While the prospect of being audited can cause some apprehension, chief audit executive Toni Stephens said the goal of the UTD Office of Audit and Advisory Services is to help campus departments strengthen their operations and, as a result, help UTD successfully achieve its mission and strategic objectives.  

“Auditing is providing assurance to our stakeholders — our leaders, students, taxpayers and the campus community — that things are working as they should at UT Dallas,” Stephens said. 

Although the audit team officially reports to UTD President Richard C. Benson and provides reports to the University Audit Committee, UT System, and the state, the group is independent and free to review processes and procedures that could present the most risk to the University. 

The audit team primarily provides assurance services, that is, the objective and risk-based examination of evidence for the purpose of providing an independent assessment on governance, risk management and control processes for the University. 

Assurance audits may focus on financial and operational areas; or compliance, ensuring that departments are following various policies, laws and regulations; or information technology, by examining the controls in an IT structure. 

The office also conducts fraud investigations and is available to answer questions or provide advice on internal controls. They also provide training on best practices in reducing risks, fraud, and audit findings, as well as training on what internal audit does and how audits are conducted. 

“Internal audit is in a unique position to provide an independent level of assurance, making sure we are doing everything possible to keep UTD aligned with our mission and obligations as a public university.”

— President Richard C. Benson 

“Using internal audit as a resource before being audited will help departments minimize the risk of fraud while ensuring compliance with all the different federal and state regulations, and gifts restrictions, as well as making sure your financial Information is accurate, your assets are safeguarded, and that your operations are effective and efficient,” Stephens said. 

Benson, the Eugene McDermott Distinguished University Chair of Leadership, said the office provides a great service to UTD. 

“We have good internal controls in place throughout the University,” Benson said. “Internal audit is in a unique position to provide an independent level of assurance, making sure we are doing everything possible to keep UTD aligned with our mission and obligations as a public university.” 

Stephens said she is pleased that her team can support the University by bringing a perspective that no other campus office can. 

“Where most people just see one piece of the campus, we see the entire campus and can share examples and perspectives of what we’ve learned,” she said. “Looking at it from that view helps us give good advice.”