In view of staff and time limitations, all requests for audits cannot be honored. To direct the efforts of our auditors to the most productive projects, we use a technique to identify projects or activities that represent considerable risk or exposure to loss. The results of risk assessments conducted by Internal Audit are discussed with senior management. Projects considered to be high-risk receive priority in Internal Audit's annual audit plan. Most of our audit projects are operational or EDP audits.
Some overlap does exist between audit types.
For example, an operational audit usually includes some elements of compliance, EDP, and financial audits. The investigative audit deserves special mention. Some people believe that Internal Audit's primary function is to uncover employee fraud or theft. Obviously this is one aspect of our work, but we hope that the information in this brochure shows that our responsibilities are much broader than the detection of irregularities, and that a service orientation pervades our working relationships. In case of suspected financial irregularities, misuse of systems, or other complex situations, the Office of Internal Audit does conduct a specialized audit, tailored to the circumstances.