Audit Universe: An inventory of audit areas that is compiled and maintained to identify areas for audit during the

audit planning process. Traditionally, the list included all financial and key operational systems as well as schools and other units that would be audited as part of the overall cycle of planned work. The audit universe serves as the source from which the five-year audit plan and the annual audit schedule are prepared. Developments in the approach to auditing and audit planning have meant that the audit universe is now determined by risk (i.e. a risk universe) and that the new risk-based approach to auditing results in planning that is driven by the Universitys risk register. The universe will be periodically revised to reflect changes in the overall risk profile. An inventory of audit areas, or audit universe, will be complied and maintained.